Dipula to buy six properties in R559m deal
The Dipula Income Fund on Friday announced it would, in a single transaction, acquire six properties for a combined R559-million.
The acquisition would see the JSE-listed company, through its subsidiary Mergence Africa Property Fund Investment Trust, acquiring Shoprite Pretoria North from Capital Property Fund, the Ziyabuya Shopping Centre and Gezina Galleries from Pangbourne Properties, Blackheath Pavilion from Monyetla Property Holdings, and Woodmead Square and Woodmead Super Value Mall from iFour Properties South Africa.
The transaction remained subject to various conditions, including approval by the competition authorities.
“These acquisitions are yield-enhancing and grow Dipula’s retail portfolio. They also further our strategy of improving the quality and average size of the properties in our portfolio on a yield-enhancing basis,” said Dipula CEO Izak Petersen.
Following the acquisition, Dipula’s portfolio would grow geographically with a stronger retail bias, and have a value in excess of R4-billion.
Three of the properties – the 6 269 m2 Blackheath Pavilion, in Randburg and the 2 910 m2 Woodmead Square and 7 993 m2 Woodmead Super Value Mall, in Sandton – were located in Johannesburg.
The largest of the properties, Gezina Galleries, a 16 632 m2 shopping centre with over 40 tenants, with Checkers as its anchor client, and the Shoprite Pretoria North Centre, which boasted 6 442 m2 of retail space, were Pretoria-based.
Further, the Kwadesi, Port Elizabeth-based Ziyabuya Shopping Centre boasted 14 584 m2 of retail space, housing 39 retailers with anchor tenants Shoprite and Cashbuild.
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