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.
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