Dipula is a JSE-listed Real Estate Investment Trust (REIT) with a well-diversified R7.1 billion property portfolio comprising mainly retail assets (60% by GLA). Industrial and commercial assets account for 25% and 15%, respectively of the portfolio in terms of GLA. The portfolio spans all nine provinces of South Africa.
The company’s A and B shares accommodate different risk appetites with A shareholders receiving a preferred 5 % growth in distributions while B shareholder receive the remainder, allowing good potential upside. Both shares rank equally in terms of voting and all other shareholder entitlements.
Dipula is managed by an external MANCO, Dipula Asset Management Trust, a predominantly black managed and owned trust.
Management shows good commitment to the Fund through holding a sizable stake in Dipula as a strategic long term play.
Property management is partly outsourced and partly internally managed.
We are a level 2 BEE contributor as at 31 August 2016.
|At 31 August 2016||Total|
|Number of properties||201|
|Portfolio valuation (R’000)||R7.1 billion|
|Gross lettable area (m²)||807 100|
|Average value per m² (R)||R8 743|
|Average monthly gross rental per m² by GLA||R85.22|
|Average monthly gross rental per m² by income (R)||R101.01|
|Average escalation (%) by GLA||7.8%|
|Average escalation (%) by income||7.9%|
Dipula has been operating since 2005 and in 2011 Dipula Property Fund merged with Mergence Africa Property Fund. Both enterprises were owner-managed with proven records of entrepreneurial flair. The management team was drawn from Mergence and Dipula.