31 May 2012
Johannesburg Stock Exchange listed company Dipula Income Fund intends to invest nearly R330 million to purchase three shopping centres.
Izak Petersen, chief executive officer of Dipula Income Fund, says the acquisitions will further the fund’s objective to increase Dipula’s retail portfolio exposure to low-income households.
“These strategic acquisitions improve the quality and average size of properties and the geographic spread of our portfolio.”
The investment comprises R179.5 million for the 25 700 square metre The Plaza Shopping Centre in Phuthaditjhaba, Free State, R46.2 million for the 6 000 square metre Randfontein Station Shopping Centre in Gauteng and R104.2 million for the 14.700 square metre Bushbuckridge Shopping Centre in Mpumalanga.
This is Dipula’s second major transaction since listing in August 2011.
Dipula also recently bought Bochum, Blouberg Plaza and Nquthu Plaza for R250 million.
The new assets will grow Dipula’s portfolio to 181 properties, valued at approximately R2.7 billion with a total of 512 000 square metre GLA following the two acquisitions with retail property being approximately 57 percent of that.
The three shopping centres will be acquired using a minimum of 30 percent debt funding, with the balance being equity funded and the transaction is still subject to various conditions, including Competition Commission approval.
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