JSE-listed real estate investment trust Dipula Income Fund has entered into agreements to acquire the Umzimkhulu Shopping Centre, in KwaZulu-Natal, as well as the Corporate Industrial Park, in Polokwane, from two different vendors for R336-million.
The industrial park in Limpopo’s capital was bought for R143-million and comprised modern industrial units occupied primarily by blue-chip tenants.
This fully tenanted property offered 28 000 m2 of gross lettable area (GLA) with additional bulk available for expansion.
The 15 740 m2 Umzimkhulu Shopping Centre, on KwaZulu-Natal’s South Coast, was bought for R193-million and was primarily occupied by national tenants.
Some 87% of the centre’s total GLA was currently let, while additional bulk remained available for future expansion.
Once implemented, the transactions would boost the value of Dipula’s South African portfolio to R5.7-billion, with 56% of this comprising retail properties, 25% industrial and 19% office space.
The company announced on Monday that both transactions remained subject to certain conditions precedent, including Competition Commission approval.