28 Mar 2013
Dipula Income Fund announced that it will acquire six properties in a single transaction for a combined R559 million, in yet another successful acquisition for the Johannesburg Stock Exchange listed property company.
Dipula, through its subsidiary Mergence Africa Property Fund Investment Trust, signed agreements to acquire Shoprite Pretoria North from Capital Property Fund, Ziyabuya Shopping Centre and Gezina Galleries from Pangbourne Properties Limited, Blackheath Pavilion from Monyetla Property Holdings (Proprietary) Limited, and Woodmead Square and Woodmead Super Value Mall from iFour Properties SA (Proprietary) Limited.
Izak Petersen, chief executive officer of Dipula Income Fund, says these acquisitions are yield enhancing and will grow Dipula’s retail portfolio.
“They also further Dipula’s strategy of improving the quality and average size of the properties in our portfolio on a yield-enhancing basis,” he says.
Dipula was formed through the merger of Mergence Africa Property Fund and Dipula Property Fund, two majority black-owned property funds.
It has among the highest black shareholding in the South African listed property sector, and is managed externally by Dipula Asset Management Trust, a 100 percent BEE company.
Three of the acquisition properties are in Johannesburg, including the 6 269 square metre Blackheath Pavilion in Randburg and in Sandton, the 2 910 square metre Woodmead Square and the 7 993 square metre Woodmead Super Value Mall.
Two of the acquisition properties are in Pretoria, including the largest of the properties Gezina Galleries, a shopping centre with over 40 tenants.
The centre is 16 632 square metres and anchored by Checkers. Shoprite Pretoria North is 6 442 square metres and located on the corner of Ben Viljoen and Rachel de Beer streets.
The final property is in Port Elizabeth. Ziyabuya Shopping Centre is in Kwadesi and includes 14 584 square metres of retail space housing 39 retailers with anchor tenants Shoprite and Cashbuild.
Dipula is finalising the acquisition’s financial effects and, until announced, it advises Dipula linked unitholders to exercise caution when dealing in its linked units.
The transaction is subject to various conditions, including approval by the Competition Authorities.
Following this acquisition, Dipula’s portfolio will grow more sectorally and geographically with a retail bias and will be valued in excess of R4 billion.
Apartment / Flat for sale in Pretoria North R 340 000
Townhouse for sale in Clarina R 490 000
Vacant Land / Plot for sale in Rietfontein R 3 095 000
House for sale in The Orchards R 580 000
Apartment / Flat for sale in Karenpark R 420 000
Apartment / Flat for sale in The Orchards R 380 000
Vacant Land / Plot for sale in Rietfontein R 2 850 000
Apartment / Flat for sale in Pretoria Central R 250 000
Townhouse for sale in Amandasig R 870 000
Townhouse for sale in Vredelust R 900 000
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724