Dipula Seals R2bn Acquisition of Retail Portfolio
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Dipula Properties has agreed to buy a portfolio of nine shopping centres from Moolman Group and its co-investors for R2 billion, the landlord's most valuable transaction to date.
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 deal, confirmed on Monday, is expected to strengthen the real estate investment trust's national retail presence and enhance portfolio diversification, adding nine assets across four South African provinces.
The portfolio spans nearly 90,000 square metres of income-producing retail space let to national tenants including Checkers, Shoprite, Game, Cashbuild and Makro. It includes a 50% stake in Lephalale Mall in Limpopo, the portfolio's largest asset by both size and value, alongside Checkers Centre Polokwane, City Centre Polokwane and Great North Plaza in Musina. Free State assets are Bloemfontein Makro and a 50% stake in Sasolburg Mall, while Gauteng assets include Kaalfontein Corner in Tembisa and Rand Steam Shopping Centre in Richmond, with Game Centre Vryburg completing the spread.
The transaction brings the total value of Dipula's acquisitions over the past 12 months to R3 billion across 14 assets. It was supported by a successful private placement that secured subscription commitments of R1.1 billion in new equity, with the new shares expected to list 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," said Izak Petersen, CEO of Dipula Properties. "Once the transaction is implemented, Dipula's loan-to-value ratio will remain between 35% and 40%, well within its target range."
The announcement also brings to an end the cautionary under which Dipula shares have traded since 22 May 2026. Petersen said the transactions are transformational for the portfolio, increasing retail exposure to close to 80% of income in the short term while reducing office exposure to around 10%. The latest deal builds on a year of activity that included Protea Gardens Mall, Gezina Walk, Bayer Klerksdorp and Airborne Business Park, with the company expecting to enhance income across the acquired assets through active asset management.