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Dipula grows its portfolio by R336m

09 Mar 2015

JSE-listed REIT Dipula Income Fund has entered into agreements to acquire Umzimkhulu Shopping Centre in KwaZulu-Natal and Corporate Industrial Park in Polokwane from two different vendors.

Izak Petersen, CEO of Dipula Income Fund, says Corporate Industrial Park in Limpopo’s capital was acquired for R143 million.

This is according to Izak Petersen, CEO of Dipula Income Fund, who says Corporate Industrial Park in Limpopo’s capital was acquired for R143 million, consists of modern industrial units mainly occupied by blue chip tenants and has additional bulk for expansion. This 100% occupied park has 28 000sqm of Gross Lettable Area (GLA).

The 1 5740sqm Umzimkhulu Shopping Centre on KwaZulu-Natal’s South Coast was bought for R193 million and is mainly occupied by national tenants at approximately 87% of the total GLA of the centre. Additional bulk is available for future expansion.

Both transactions are subject to certain conditions, including Competition Commission approval. The transactions will be settled in cash.

Once implemented, together with other transactions announced previously, Dipula’s portfolio will increase to R5.7 billion, consisting of 56% retail, 25% industrial and 19% offices in GLA, across South Africa.

Petersen says these acquisitions meet Dipula’s strategy of acquiring portfolio enhancing assets in their chosen markets.
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