Dipula Income Fund accepts Tembisa Mall acquisition cancellation

Dipula Income Fund’s newly developed 15,400sqm Tower Mall in the growing Jouberton and surrounds western in Klerksdorp, City of Matlosana, will open on 25 October 2013, virtually fully let. 

Standard Bank has approved R349m in term and development funding for the Eyethu Orange Farm Mall in Orange Farm, a deal which is expected to help rejuvenate the impoverished settlement south of Johannesburg.

Dipula Income Fund today announced that its acquisition drive has improved its rental income streams, with 14 properties valued at some R1,4 billion transferring into its portfolio in the past 14 months.

Eyethu Orange Farm Mall will result in the entire Orange Farm community holding a 10% stake in this 27,000sqm regional shopping mall, which is helping to transform the area into a flourishing central business district, and creating a valuable multi-faceted community asset.

Dipula Income Fund boosted its distributable earnings by 44,1% year on year for the six-month interim period ended 28 February 2013 and has significantly progressed with its portfolio growth strategy.

The new R400 million Eyethu Orange Farm Mall is poised to act as a major catalyst not only for the Orange Farm and Evaton areas, but for the whole Greater Sebokeng region.

By November 2013, the fast-growing community of Tembisa in the East Rand will enjoy convenient access to a host of national stores and local retailers, thanks to the development of the Tembisa MegaMart, for which Nedbank is providing  R238 million funding.

Dipula Income Fund announced today that it will acquire six properties in a single transaction for a combined R559 million, in yet another successful acquisition for the JSE-listed property company.

All-in returns of between 10% and 15% are on the cards for the listed property sector in 2013, says Dipula Income Fund CEO Izak Petersen.