Dipula launches R500m equity raise for acquisitions

Dipula Properties Limited announced an accelerated bookbuild process to raise approximately R500 million through the issue of new ordinary shares. The equity raise aims to fund proposed acquisitions, prominently the Protea Gardens Mall, a 24,000 m² community shopping centre in Soweto. This acquisition, anchored by Shoprite, Boxer, and Cashbuild, is expected to provide a resilient income stream and aligns with Dipula's focus on community-centric retail.

The equity raise will primarily be offered via a vendor consideration placing, with a potential second instance using Dipula's existing general authority to issue shares for cash. Participation is open to qualifying investors, with pricing and allocations to be determined at the close of the bookbuild, at the discretion of Dipula and PSG Capital, the sole bookrunner. The company reserves the right to increase the size of the bookbuild based on demand and pricing.

The new bookbuild shares, once issued, will be fully paid and rank pari passu with existing shares. This strategic move aims to expand Dipula's portfolio with well-located, quality convenience, township, and rural retail assets, enhancing its commitment to uplifting communities through accessible shopping experiences.