Dipula acquires four new properties, grows asset base to R4bn
Real estate investment trust Dipula Income Fund on Friday announced that it had acquired and taken transfer of four new properties, comprising three retail centres and an office block, to the value of R265.6-million.
Following the acquisitions, Dipula’s asset base now comprised a growing portfolio of 178 commercial properties valued at more than R4-billion.
The acquisitions included the recently opened Tower Mall, in Jouberton, in the North West, the Umgeni Business Centre, in Durban, and the Fairways on Main shopping centre, in Howick, both in Kwazulu-Natal as well as the 50 Hamilton Street offices, in Pretoria, Gauteng.
The Tower Mall was transferred to Dipula in December and was 98% let, while the 50 Hamilton Street offices were occupied by the Gauteng Department of Local Government and Housing on a long lease.
Meanwhile, the Umgeni Business Centre enjoyed an “excellent location and visibility in a well-established retail node” and the Fairways on Main shopping centre represented a growth opportunity for Dipula, as it had potential for expansion, Dipula CEO Izak Petersen said.
“These properties progress Dipula’s strategy of growing with larger, high-quality assets in targeted areas and [to] enhance the overall quality of our portfolio,” he noted.
Petersen added that, besides meeting the company’s growth strategy, the acquisitions also increased its exposure to retail property, which continued to lead performance after having outperformed all the other commercial property subsectors in recent years.
“As the properties have transferred to Dipula, they are already making a positive contribution to rental income and contributing to our performance for investors,” Petersen said, adding that the company would continue to identify and pursue potential acquisition opportunities.
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