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.

Key indicators

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
Vacancy (%) 8.5%
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%

History

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.