August 20 2025 12:20
Izak Petersen, CEO of Dipula Properties
SOUTH AFRICA
Dipula Properties (JSE: DIB) has announced five acquisitions totalling around R700m, which the group says underscores its commitment to long-term value creation. Foremost among them is the R480m acquisition of Protea Gardens Mall in Soweto.
Dipula is a South Africa-focused real estate investment trust (Reit) with a diverse portfolio and more than two-thirds of its income derived from retail centres in townships, rural areas, and urban convenience nodes.
With these acquisitions Dipula continues its portfolio growth strategy, focused primarily on retail, industrial and logistics assets, the group said.
Izak Petersen, CEO of Dipula Properties, said the acquisitions were an agile response to improving market conditions and a more favourable cost of capital environment.
Protea Gardens Mall is a 24 000 square metre community shopping centre located in the densely populated area of Protea Soweto. Anchored by leading national retailers including Shoprite, Boxer, and Cashbuild, alongside top-tier fashion brands, the mall has more than 70% national tenant occupancy, representing both retail strength and income durability, the fund said.
“Protea Gardens Mall is an excellent strategic fit for Dipula with embedded growth and value unlock potential, underpinned by quality tenants and a growing consumer market,” said Petersen.
The acquisition supports Dipula strategic objective to grow its exposure to its targeted retail markets. It also reinforces the company’s commitment to community upliftment through accessible, everyday shopping experiences, Petersen said.
Dipula also announced it had concluded terms for two retail assets that would “deepen its presence in key and proven markets”.
Woolworths Gezina is adjacent to the Dipula’s Gezina Galleries. This 4,600 square metres addition will be incorporated into the existing centre. The expansion enhances the overall tenant mix and brings the centre’s gross lettable area to around 20,000 square metres.
The company has also agreed to acquire land adjacent to the 15,000 square metre Tower Mall in Jouberton. This acquisition unlocks future expansion potential for the strongly performing shopping centre.
Dipula concluded terms for two more properties that would cement its core focus on logistics and industrial assets, it said.
Airborne Industrial Park, located near OR Tambo International Airport and adjacent to the N12 highway, is a fully let multi-tenanted park of 6,964 square metres. Abland DC, is a modern logistics development spanning more than 16,000 square metres, anchored by a strong tenant covenant on a long lease, Dipula said.
“Both these assets have excellent tenant profiles, and are well aligned with our approach to capital allocation in the industrial sector, which is a core part of our strategy,” said Petersen
All the income-earning properties are both income and quality enhancing for Dipula’s portfolio according to the group. The deals are subject to standard conditions precedent. Transfers are expected to take place between September and November 2025.
alistair@propertyflash.co.za
