Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) that owns a diversified portfolio, primarily comprising retail, office and industrial properties located across all provinces in South Africa. The majority are located in Gauteng. Dipula also invests in affordable residential rental stock.

Dipula is listed on the Johannesburg Stock Exchange (“JSE”) and has two classes of shares in issue that trade under the codes DIA and DIB. DIA shares are entitled to a preferred income growth of the lower of 5% or CPI, while DIB shares receive the remaining net distributable income.

Dipula’s strategy is to own a diversified portfolio with a retail bias and good tenant covenants.

Management is well aligned with other shareholders through holding a sizable stake in Dipula as a strategic long term investment.

Key indicators

At 31 August 2018 Total
Number of properties 194
Portfolio valuation (R’bn) 8.9
Gross lettable area (m²) 923 679
Average value per m² (R/m²) R9 599
Vacancy (%) 6%
Weighted average monthly gross rental by GLA (R/m²) R90.91
Average monthly gross rental per m² by income (R) R133.21
Average escalation (%) by GLA 7.4%
Average escalation (%) by income including NCI and land 7.5%


Dipula was founded in 2005 and in 2011 Dipula Property Fund merged with Mergence Africa Property Fund. Following the merger the fund listed on the JSE with an initial portfolio of R2 billion. Since then Dipula’s portfolio grew by a compounded 21% to R8.6billion. Dipula’s portfolio average value increased from R12million to R41million by the end of the 2018 financial year-end.

In 2016 Dipula commenced the gradual internalisation of its property management function and by 2018 this process was substantially completed. The Dipula asset management function was internalised at the end of the 2017 financial year.