INVESTORS

INVESTMENT
CASE

We are an internally managed, entrepreneurial, innovative, diversified REIT that creates sustainable value through resourcefulness and consistency for the provision of suitable spaces and excellent service to our tenants. We consider each tenant a partner and form lasting relationships with all our stakeholders.

PERFORMANCE
HIGHLIGHTS 2026

REVENUE
(excluding straight lining) increased 7% to R811 million (Feb 2025: R758 million)

NAV
increased 16% to R7.4 billion (Feb 2025: R6.4 billion)

PORTFOLIO VALUE
increased 12% to R11.5 billion (Feb 2025: R10.3 billion)

234 LEASES
concluded across the portfolio worth R433 million (Feb 2025: R309 million)

NET PROPERTY INCOME
increased 9% to R493 million (Feb 2025: R454 million)

GEARING
reduced to 34% (Feb 2025: 36%)

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KEY
MILESTONES

Dipula was founded in 2005 and in 2011 Dipula Property Fund merged with Mergence Africa Property Fund. Following the merger, the fund listed on the JSE with an initial portfolio of R2 billion. Since then, Dipula’s portfolio has grown to R10.8 billion. Dipula’s portfolio average value increased from R12 million at listing to R68 million by the end of the 2025 financial year. In June 2022, Dipula converted from a dual-share structure to a single-share structure to better align shareholder interests.

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INVESTING
IN THE GROUP

STRATEGIC PILLARS

Diversified

SA focused

Human capital

Tenant centric

Sustainability

Portfolio
optimisation

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A GROWING AND IMPROVING PORTFOLIO

Since its listing in 2011, Dipula’s portfolio has grown from 434 708m² to 864 277m² and the average size per asset increased from 2 484m² to 5 470m². Dipula tactically reduced its office property exposure from 40% to 14% in GLA terms.

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STRONG INVESTMENT CASE

Remaining disciplined in our strategy execution

Buying well

Managing brilliantly

OUR BUSINESS MODEL

Our business model is at the heart of everything we do. It defines the activities we engage in, the resources and relationships we depend on and the outputs and outcomes we aim to achieve to create value for all our stakeholders in the short, medium and long term.