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JSE listed Dipula to acquire R8.5billion portifolio

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Dipula Income Fund has announced plans to acquire a mixed portfolio from an undisclosed seller for R1.27-billion.

According the company, the portfolio comprises two retail properties in Gauteng, namely Chilli Lane and Chilli on Top, boasting an aggregate 18 433 m² of space; five office properties across Gauteng and the Western Cape totalling 23 138 m² of space; and three redevelopment properties.

Dipula will also acquire a 50.1% stake in a portfolio comprising mostly industrial properties for R209-million.

The acquisition, along with R277-million in concluded transactions earlier this year, will take Dipula’s total portfolio value to more than R8.5-billion.

“The transaction complements Dipula’s existing portfolio of 174 properties, valued at about R7-billion, with a total gross lettable area (GLA) of 757 363 m² including retail, office and industrial properties,” Dipula CEO Izak Petersen said in a statement recently.

The weighted average lease expiry profile of the portfolio is defensive at over four years and 97% of the GLA is let to multinational, national and strong regional tenants.

Dipula highlighted the acquisition’s minimal vacancies of 0.8%.

The forward yield of the acquisition is 11.7% and the investment remains subject to certain conditions precedent.

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