In a bold move that significantly deepens its investment in South Africa’s vital township economy, Dipula Properties has secured a landmark deal: the R480 million acquisition of Soweto’s Protea Gardens Mall. This purchase is the crown jewel in a series of five strategic acquisitions totalling approximately R700 million, underscoring the REIT’s aggressive commitment to long-term value creation.
The story is one of a company strategically deploying capital where it knows best.
As a prominent South Africa-focused REIT with a defensive portfolio, more than two-thirds of Dipula’s income already derives from retail centres in townships, rural areas, and urban convenience nodes. This latest move doubles down on that proven strategy.
According to Izak Petersen, CEO of Dipula Properties, the acquisitions are “an agile response to improving market conditions and a more favourable cost of capital environment”.
The headline-grabbing purchase of the 24,000sqm Protea Gardens Mall is a textbook example of Dipula’s focus. Anchored by leading national retailers, the centre serves a densely populated community and boasts over 70% national tenant occupancy. Petersen confirms the asset is a perfect fit, noting “Protea Gardens Mall is an excellent strategic fit for Dipula with embedded growth and value unlock potential, underpinned by quality tenants and a growing consumer market.”
But the story doesn’t end in Soweto.
The narrative of growth continues with strategic expansions at two of its existing successful nodes: a new Woolworths addition at Gezina Galleries and land acquired for future growth at Tower Mall in Jouberton.
Complementing this retail momentum, the final chapters of this acquisition story are written in the industrial and logistics sector, another core part of Dipula’s strategy.
The company also concluded terms for two high-quality properties: the fully-let Airborne Industrial Park and the modern Abland DC logistics development. Of these, Petersen adds, “Both these assets have excellent tenant profiles, and are well aligned with our approach to capital allocation in the industrial sector.”
Together, these properties tell a cohesive story of a company executing a clear and confident strategy, using its deep market knowledge to secure accretive assets that promise to fuel its growth for years to come.
