The portfolio being acquired comprises two retail properties in Gauteng, Chilli Lane and Chilli on Top, totaling 18,433m²; five office properties across Gauteng and the Western Cape totaling 23,138m²; and three redevelopment properties. As part of the same transaction, Dipula will also acquire, a 50.1% stake in a portfolio consisting predominantly of industrial properties for a total price of R209m.
Dipula has been very cautious with respect to new acquisitions for the past year, due to the weak economy, and political and market uncertainty.
CEO Izak Petersen said: "This acquisition is in line with our strategy of acquiring quality-enhancing properties that offer opportunities to extract additional value through redevelopments and refurbishments. The weighted-average, lease-expiry profile of the portfolio is defensive at more than four years, while tenant quality is superb, given that 97% of the gross lettable area is let to multinational, national and strong regional tenants."
The acquisition was expected to be yield-enhancing. The transaction complements Dipula’s existing portfolio of 174 properties valued at approximately R7bn with a total gross lettable area of 757,363m² including retail, office and industrial properties.
Dipula has concluded transactions for assets to the value of R277m during the year.
Source: BDpro
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
