Dipula gets a R268 million boost to its assets with three new shopping centres

Posted On Monday, 12 November 2012 12:01 Published by Commercial Property News
Rate this item
(0 votes)

Continuing its aggressive portfolio growth, Dipula Income Fund announced it intends to acquire three retail properties for R268 million.

The properties are the R169 million Tembisa Maga Mart, a 14,007sqm shopping centre development in Gauteng, the R42 million first phase Orange Farm shopping centre in Gauteng which spans 5,600sqm and the R57 million Melki Portfolio in KwaZulu-Natal of 6,900sqm.

Izak Petersen, CEO of Dipula Income Fund explains that all three assets further its objective of increasing the quality and average size of the properties in its investment portfolio, on a yield enhancing basis.

Dipula Income Fund is a listed property loan stock company formed through the merger of Mergence Africa Property Fund and Dipula Property Fund, two majority black-owned property funds. Dipula has around 26%, black shareholding, which is among the highest in the SA listed property sector, and is managed externally by Dipula Asset Management Trust, a 100% BEE company.

"Besides meeting our growth strategy, the acquisitions also increase our exposure to the growth opportunities from low-income household retail. Retail has proved defensive over recent years, providing quality growing rental streams," says Petersen. "Acquiring the Melki Portfolio also achieves greater exposure to retail in KwaZulu-Natal."

The Tembisa Mega Mart transaction is still subject to various conditions, including Competition Commission approval.

Dipula is finalising the acquisition's financial effects and, until this is announced, it has advised Dipula linked unitholders to exercise caution when dealing in its linked units.

A little over a year since listing on the JSE in August 2011, Dipula has successfully secured five major acquisition transactions, growing its property assets by R1.4 billion.

Following this transaction, Dipula's assets will grow to 190 sectoraly and geographically diverse properties valued at R3.5 billion.

Last modified on Tuesday, 28 May 2013 20:44

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Despite hike, interest rate remains below pre-Covid levels, says Dr Andrew Golding

Jul 21, 2022
Dr Andrew Golding
With the inflation outlook deteriorating since the previous Monetary Policy Committee…

Please publish modules in offcanvas position.