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 2024

REVENUE
(excluding straight lining) increased 4% to R1.517 billion (2024: R1.455 billion)

NAV
increased 7.5% to R6.8 billion (2024: R6.4 billion)

PORTFOLIO VALUE
increased 6% to R10.8 billion (2024: R10.2 billion)

456 LEASES
concluded across the portfolio worth R801 million (2024: R1.4 billion)

NET PROPERTY INCOME
increased 3% to R905 million (2024: R879 million)

GEARING
stable at 34.9% (2024: 35.7%)

VISIT INTEGRATED REPORT PAGE

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.

VIEW HISTORY

INVESTING
IN THE GROUP

STRATEGIC PILLARS

Diversified

SA focused

Human capital

Tenant centric

Sustainability

Portfolio
optimisation

VIEW OUR COMPANY PROFILE

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.

VIEW OUR PORTFOLIO

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.