Property loan stock Dipula Income Fund on Wednesday listed on the JSE, under the Real Estate Holdings and Development sub-sector, the company said.

Dipula owns a diversified property portfolio, located throughout SA, with a retail bias to low income households, which are expected to outperform higher income households in terms of growth in the short to medium-term.

The Dipula portfolio consists of over 170 properties representing good sectoral and geographical diversification.

Prior to listing, the company said it raised nearly 1.4 billion rand through a successful private placement.

"The listing of Dipula has provided an opportunity for investors to participate in a unique high-yield income fund which offers an A and B unit structure, with excellent BEE credentials thanks to a black-owned asset manager which is equally owned by Mergence and Dijalo," said Izak Petersen, Dipula CEO.

Peterson said Dipula came to the market at a time when a solid investment proposition and underlying portfolio fundamentals were essential for listing success.

"The positive response to our private placement reflects strong market support, which is noteworthy, especially considering the volatility of market conditions experienced over recent weeks," notes Petersen.

Dipula was established through the merger of Dipula Property Fund and Mergence Africa Property Fund.

Petersen stressed a highly acquisitive growth strategy for the company going forward.

"We are in the market for stock and we welcome paper and cash transactions," Petersen said.

Dipula's financial year end was August 31 and it would be represented on the JSE under short names 'DIA' for the A-linked units and 'DIB' for the B-linked units.