Dipula acquires R2bn retail portfolio

Dipula Properties, a JSE-listed real estate investment trust, has agreed to acquire a portfolio of nine shopping centres from Moolman Group and its co-investors for R2 billion. The transaction, which is accretive from day one, strengthens Dipula's national retail presence and adds assets across Limpopo, Gauteng, North West, and Free State. The portfolio includes a 50% stake in Lephalale Mall, the largest asset, along with Checkers Centre Polokwane, City Centre Polokwane, Great North Plaza, Bloemfontein Makro, Sasolburg Mall, Kaalfontein Corner, Rand Steam Shopping Centre, and Gamee Centre Vryburg. Concurrently, Dipula completed a private placement raising R1.1 billion in new equity, with shares expected to trade on the JSE from September 1, 2026. The acquisition brings Dipula's total acquisitions over the past 12 months to 14 assets worth R3 billion. CEO Izak Petersen highlighted the strategic alignment with the company's focus on convenience, township, and rural retail assets, and noted that the transaction will increase retail exposure to nearly 80% of income while reducing office exposure to around 10%. The deal also ends the cautionary under which Dipula shares have traded since May 22, 2026.