Dipula is a JSE-listed Real Estate Investment Trust (REIT) with a well-diversified R6.9 billion property portfolio comprising mainly retail assets (59% by GLA). Industrial and commercial assets account for 25% and 16%, 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.

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 2017 Total
Number of properties 174
Portfolio valuation (R’000) R6 896 611
Gross lettable area (m²) 757 363
Average value per m² (R) R9 106
Vacancy (%) 8.5%
Average monthly gross rental per m² by GLA R85.22
Average monthly gross rental per m² by income (R) R111.90
Average escalation (%) by GLA 7.7%
Average escalation (%) by income 7.6%


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.