Dipula Income Fund recently acquired and took transfer of four properties for a combined R265.6 million, comprising three retail centres and an office block.
Dipula’s shopping centre acquisitions include the recently opened Shoprite-anchored 15 283 square metre Tower Mall in Jouberton, North West, which was transferred in December 2013. Tower Mall is around 98 percent let.
Izak Petersen, chief executive officer of Dipula says these properties progress Dipula’s strategy of growing with larger, quality assets in targeted areas and enhance the overall quality of our portfolio.
“Besides meeting our growth strategy, the acquisitions also increase our exposure to retail property, which has outperformed all other commercial property subsectors in recent years and continues to lead performance.”
Dipula’s shopping centre acquisitions include the recently opened Shoprite-anchored 15 283 square metre Tower Mall in Jouberton, North West, which was transferred in December 2013. Tower Mall is around 98 percent let.
In KwaZulu-Natal, Dipula took transfer of Umgeni Business Centre in Durban. This value centre is near the N2 highway in a dominant value retail node, opposite Makro Springfield.
“Umgeni Business Centre enjoys excellent location and visibility in this well-established node with attractive potential,” notes Petersen.
Also in KwaZulu-Natal, Fairways on Main, a shopping centre in Howick that is anchored by Pick n Pay, transferred into Dipula’s retail property portfolio.
“Importantly, this shopping centre represents a growth opportunity for Dipula as it has potential for expansion,” says Petersen.
The 50 Hamilton Street offices in Arcadia, Pretoria, transferred into Dipula’s portfolio in December 2013.
This 4 500 square metre property is occupied by a single tenant, the Gauteng Department of Local Government and Housing, on a long lease.
Dipula is a Johannesburg Stock Exchange listed SA REIT (Real Estate Investment Trust) with one of the highest BEE ratings in the sector.
Its asset base now comprises a growing portfolio of 178 commercial properties valued over R4 billion measuring approximately 580 000 square metres of gross lettable area.
Dipula’s portfolio is geographically diverse across all of South Africa’s provinces, with more than 70 percent concentrated in South Africa's most economically productive province of Gauteng.
Its portfolio inclines towards retail property at more than 50 percent by rentable area of its portfolio, which also includes office and industrial property assets.
“As the properties have transferred to Dipula, they are already making a positive contribution to rental income and contributing to our performance for investors, and we will continue to identify and pursue strategic portfolio enhancing acquisition opportunities.”
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