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| Filename | 2023-08-Dipula-report-final.pdf |
| Filesize | 255.16 KB |
| Version | paid report |
| Date added | August 14, 2023 |
| Category | Corporates, Credit Rating Reports |
| Tags | South Africa |
Dipula Income Fund Limited (Dipula or the REIT) is an internally managed REIT, with all its assets based in South Africa. The REIT was initially founded as Dipula Property Fund with a ZAR300 million portfolio in 2005 and was subsequently renamed to Dipula Income Fund and listed on the JSE in 2011 after a merger with Mergence Africa Property Fund. Over the years, the portfolio has expanded primarily through acquisitions to its current portfolio size of around ZAR9.7 billion, including non-controlling interests. The REIT’s strategy is to maintain a portfolio diversified across property classes, albeit with a weighting towards retail. Dipula continues to dispose of non-core assets, reducing the number of properties from 186 at 31 August 2022 (financial 2022) to 179 properties at 1H financial 2023. Of these there are four residential complexes with 712 units, with the large Palm Springs complex accounting for 60% of the total.