Dipula Income Fund

What Dipula Income Fund does

Dipula Properties Limited (formerly Dipula Income Fund) is an internally managed, South Africa-focused Real Estate Investment Trust listed on the Johannesburg Stock Exchange under ticker DIB since 17 August 2011. The company owns and manages a diversified portfolio of 155 properties with R11.5 billion in valuation and 893,718 m² of gross lettable area distributed across all eight South African provinces, with 58% concentrated in Gauteng. Sectoral mix is heavily retail-tilted (67% of gross income), followed by industrial/logistics (16%), office (14%) and residential (3%, earmarked for disposal). Anchor tenants include Shoprite, Boxer, Cashbuild, Woolworths, Checkers, Virgin Active, Bayer and EOH across community, convenience and logistics properties.

The business model is straightforward rental-income generation underpinned by triple-net and gross leases with national retailers and corporates. Revenue is distributed to shareholders as taxable income in line with REIT regulations, with FY2025 reported revenue of R1.517 billion and H1 FY2026 revenue of R811 million. Capital is sourced through a mix of bank facilities, debt issuance under the DMTN programme, and recurring equity raises; the company executed an oversubscribed R550 million equity raise in September 2025. Operational capability is built around an in-house property management team (including a R7.4 billion NAV platform with gearing reduced to 34% and interest cover of 3.4x), King IV-aligned governance, BEE Level 2 certification, and an ESG programme anchored by rooftop solar PV scaling from approximately 6MWp to 16.6MWp.

Growth is driven by accretive acquisitions (R700 million in August 2025 including Protea Gardens Mall), active capital recycling, tenant retention (90%, up from 79%) and index inclusion; from 23 March 2026 Dipula will be a constituent of the FTSE/JSE All Property Index and SA REIT Index, broadening institutional access. The company was ranked #1 in the 2025 Sunday Times Top 100 Companies after delivering a 5-year total shareholder return of 854% (CAGR 57%).

Name

Dipula Income Fund

Legal name

Dipula Properties Limited

Website

https://dipula.co.za

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Dipula Properties is an internally managed, JSE-listed South African REIT (ticker DIB) that owns and manages a R11.5 billion diversified portfolio of 155 retail, industrial, office and residential properties across all eight provinces, generating rental income from national retail and corporate tenants.

Ownership category

akta.pro rank

Product category

Diversified Real Estate Investment Trust (REIT)

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Commercial property leasing
• Diversified REIT portfolio
• Retail property management
• Industrial logistics property
• Residential rental property

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Technology or R&D, Marketing or Sales

Revenue model

1. Rental income from commercial properties: Dipula generates revenue primarily through rental income from its portfolio of retail, office, industrial and residential properties. The REIT model distributes taxable income to shareholders. Revenue increased 7% to R811 million (Feb 2026) with net property income of R493 million.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Dipula is an internally managed, South Africa-focused REIT that owns, leases and manages a diversified portfolio of 155 retail, office, industrial and residential property assets (893,718 m² GLA, R11.5 billion portfolio value) across all eight provinces. Revenue is generated primarily through rental income from commercial and residential tenants, with retail (67% of income) dominating the mix. The REIT distributes taxable income to shareholders consistent with its REIT structure.

Product overview

Dipula Properties is an internally managed, diversified South Africa-focused REIT that owns and manages a portfolio of 158 retail, office, industrial and residential property assets. The company operates across four core property sectors: retail (80 properties generating 67% of income, including community retail centres in townships, rural and urban convenience locations), office (44 properties at 14% of income), industrial (30 properties at 16% of income), and residential (4 properties at 3% of income including the Urban Villages branded rental portfolio). The REIT also offers property management, asset management, and sustainability solutions including solar PV installations. The company was rebranded from Dipula Income Fund to Dipula Properties in July 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Property Portfolio Community retail centres located in urban, township, and rural areas throughout South Africa, providing convenient shopping for essential goods and services. The portfolio includes 80 retail properties generating 67% of total income, with anchor tenants such as Shoprite, Boxer, Cashbuild, Woolworths, and Checkers.
• Office Property Portfolio Multi-purpose office spaces in key urban locations across South Africa, designed to meet diverse business requirements and attract a broad range of users. The portfolio includes 44 office properties generating 14% of income.
• Industrial Property Portfolio Mid-sized industrial and logistics facilities supporting distribution and light industrial operations, strategically located in major urban centres across South Africa. Includes 30 industrial properties generating 16% of income, with anchor tenant Bayer at a 16,000+ sqm distribution centre in Klerksdorp.
• Residential Property Portfolio (Urban Villages brand) Affordable, quality residential rental accommodation in economically viable areas, branded as Urban Villages. Includes Palm Springs Cosmo City, Urban Village Bruma, Urban Village Midrand, and Urban Village Norwood - 4 residential properties with 712 units generating 3% of portfolio income.

Quantifiable outcome

• Distributable earnings per share growth of 7-8% projected for FY2026
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• REO ConsultingminorStrategic or Co-development Partner · 11 March 2024Collaborative partnership with REO Consulting for innovative tenant installation at Montrose Place (EOH headquarters). REO led the fit-out project using SMMEs and small contractors, creating furniture in the building's basement. Project enabled skills development, job creation, and community impact while delivering a unique office space. Collaboration demonstrated landlord-tenant partnership approach.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Hyprop Investments: JSE-listed retail-focused REIT with premium shopping centres in South Africa and exposure to other African and Eastern European markets. Direct comparable on retail-led portfolio model.
• Redefine Properties: Major diversified JSE-listed REIT with retail, office, and industrial exposure in South Africa. Closely comparable in business model and tenant mix, and led by a former CEO who now sits on Dipula's board.
• Vukile Property Fund: JSE-listed retail-focused REIT specializing in convenience and township shopping centres in South Africa, with Spanish operations. Closely aligned with Dipula's defensive community-retail strategy.
• Growthpoint Properties: Largest South African REIT by assets, listed on JSE, with a diversified portfolio across retail, office, and industrial property. Most direct comparable in scale, structure, and sector mix to Dipula.
• Fortress REIT: JSE-listed diversified REIT with retail, industrial, and office exposure. Comparable as a mid-sized South African REIT with similar sector mix to Dipula.
• Safari Investments RSA: Smaller JSE-listed REIT focused on retail property in township and rural areas of South Africa. Closely comparable niche focus on community and convenience retail.
• Attacq Limited: JSE-listed REIT focused on the Waterfall precinct in Midrand and diversified office, retail, and industrial assets. Comparable as a JSE-listed South African REIT with Gauteng exposure.
• Resilient REIT (now Lighthouse Properties): Previously a JSE-listed retail-focused REIT (now domiciled externally) with South African convenience and community retail centres. Directly comparable on defensive retail thesis.
• Investec Property Fund: JSE-listed REIT with a portfolio of industrial, office, and retail assets. Previously led by a CFO who is now a Dipula non-executive director, providing direct industry comparability.

Broad incumbents

• NEPI Rockcastle: Large listed property company focused on retail centres in Central and Eastern Europe. Broader incumbent in the listed property space with a retail-led model, useful for international yield benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dipula Income Fund