Dipula

Investment Highlights

Diversified portfolio

Diversified portfolio with retail bias (52% by gross revenue)
Geographic spread with a bias toward Gauteng (69% of the number of properties and 78% by gross rentals)
Properties well located:

• Retail properties in nodes with exposure to low and lower income households
• Industrial properties in established industrial nodes with access to highways and power
• Office properties in good office nodes (mainly Johannesburg northern suburbs)

Diversification lowers risk for the fund and investors and will be retained as a strategy
A and B grade tenants comprise the majority of the tenants (67.5% by gross rentals)

• Exposure to A and B grade tenants results in reliable, defensive income
• Other tenants provide opportunities for higher growth
• Careful credit vetting of tenants to reduce risk