Dipula Completes Acquisition of Retail Portfolio Worth R2 Billion

Dipula Properties has announced its agreement to acquire a portfolio of shopping centers from Moolman Group and its co-investors for R2 billion, marking the landlord’s most significant transaction to date.

This transaction, confirmed on Monday, is advantageous from day one and aligns with the company’s focused growth strategy.

The deal is anticipated to bolster its national retail presence and improve portfolio diversification, incorporating nine assets across four provinces.

This acquisition raises the total value of Dipula’s transactions over the past 12 months to R3 billion across 14 assets.

Additionally, the real estate investment trust (Reit) has reported the successful completion of a private placement, obtaining subscription commitments of R1.1 billion in new equity.

The new Dipula shares are expected to be listed and begin trading on the JSE on 1 September 2026.

“Dipula will utilize the equity raised, alongside existing debt facilities, to finance the acquisition,” stated Izak Petersen, CEO of Dipula Properties.

“Once the transaction is finalized, Dipula’s loan-to-value ratio will stay between 35% and 40%, well within its targeted range.”

The announcement of this transaction also concludes the cautionary that has governed Dipula shares since 22 May 2026.

Expanding national retail footprint

The portfolio encompasses nearly 90,000 square meters of income-generating retail space, leased to a robust base of national tenants, including Checkers, Shoprite, Game, Cashbuild, and Makro.

The acquisition features a 50% interest in Lephalale Mall in Limpopo, which is the largest asset in the portfolio by both size and value. Other Limpopo properties include Checkers Centre Polokwane, City Centre Polokwane, and Great North Plaza in Musina.

Moolman Group and an additional partner will maintain the remaining 50% stake in Lephalale Mall.

The portfolio also contains two assets in the Free State: Bloemfontein Makro and a 50% interest in Sasolburg Mall (previously Sasolburg Junxion).

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In Gauteng, the portfolio includes Kaalfontein Corner in Tembisa and Rand Steam Shopping Centre in Richmond. Game Centre Vryburg in North West completes the geographic coverage of the portfolio.

This latest deal continues Dipula’s acquisition momentum over the past year, which includes Protea Gardens Mall, Gezina Walk, Bayer Klerksdorp, and Airborne Business Park.

“These transactions are transformative for Dipula’s portfolio, increasing retail exposure to nearly 80% of revenue in the short term, while reducing office exposure to about 10%,” remarked Petersen.

“Dipula also aims to enhance income across the newly acquired assets through proactive asset management and the positive operational efficiencies established with our internal property management platform.”

The transfer of each asset will become effective separately, based on the relevant transfer, closing, or registration of the cession with the Deeds Office.

Read/listen: Dipula returns to the JSE property index