Dipula seals R2bn acquisition of retail portfolio

Dipula Properties says it has agreed to acquire a portfolio of shopping centres from Moolman Group and its co-investors for R2 billion, making it the landlord’s most valuable transaction to date.

The transaction, confirmed on Monday, is accretive from day one and advances the company’s focused growth strategy.

The deal is expected to strengthen its national retail presence and enhance portfolio diversification, adding nine assets across four provinces.

It also brings the total value of Dipula’s acquisitions over the past 12 months to R3 billion across 14 assets.

At the same time, the real estate investment trust (Reit) reported the successful completion of a private placement, securing subscription commitments of R1.1 billion in new equity.

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

“Dipula will deploy the equity raised, together with existing debt facilities, to fund the acquisition,” Izak Petersen, CEO of Dipula Properties, said.

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

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The announcement of the transaction also brings to an end the cautionary under which Dipula shares have traded since 22 May 2026.

Expanding national retail footprint

The portfolio spans nearly 90 000 square meters of income-producing retail space, let to a strong base of national tenants, including Checkers, Shoprite, Game, Cashbuild and Makro.

The acquisition includes a 50% stake in Lephalale Mall in Limpopo, which is the portfolio’s largest asset by both size and value. Other Limpopo assets are Checkers Centre Polokwane, City Centre Polokwane and Great North Plaza in Musina.

Moolman Group and one other partner will retain the remaining 50% in Lephalale Mall.

The portfolio also includes two assets in the Free State: Bloemfontein Makro and a 50% stake in Sasolburg Mall (formerly Sasolburg Junxion).

Read/listen:
‘We’re bullish on Gauteng’ – Dipula Properties’ boss Izak Petersen
R700m in acquisitions for Dipula, including Soweto’s Protea Gardens Mall

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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 spread of the portfolio.

The latest deal builds on Dipula’s acquisitions activity over the past 12 months, which includes Protea Gardens Mall, Gezina Walk, Bayer Klerksdorp and Airborne Business Park.

“The transactions are transformational for Dipula’s portfolio, increasing retail exposure to close to 80% of income in the short term, while reducing office exposure to around 10%,” Petersen said.

“Dipula also expects to enhance income across the acquired assets through active asset management and the positive operational leverage created with our internal property management platform.”

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

Read/listen: Dipula back in the JSE property index

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