Alice Queen Limited (AQX)

Overview

Dipula is a Real Estate Investment Trust (REIT) based in South Africa, focusing on a diverse investment portfolio across various sectors such as retail, office, industrial, and residential rental properties. Predominantly positioned in Gauteng, their assets are spread across all provinces of South Africa, showcasing a significant geographic diversity. Dipula is publicly traded on the Johannesburg Stock Exchange (JSE) under the tickers DIA for A-shares and DIB for B-shares. These two share classes have different dividend rights; A-shares receive a preferred dividend growth capped at the lower of 5% or the Consumer Price Index (CPI), whereas B-shares are allotted the residual distributable income. A structural shift is set to take place from June 2022 when A-shares will be exchanged for B-shares, streamlining the company’s share capital structure. Dipula aims to maintain a defensive investment strategy with a strong inclination towards retail properties, intending to build and preserve a resilient and diversified portfolio.

Products and Services

• Retail Assets

  Dipula's retail assets encompass shopping centers and other retail properties. These are strategically located across South Africa to tap into varying consumer markets, focusing on delivering sustainable rental income through a mix of national and local tenants catering to a wide range of consumer needs.

• Office Assets

  Its office asset portfolio includes a range of properties from central business district locations to suburban office parks. These properties are designed to cater to a diverse tenant base, from small and medium enterprises to large corporates, ensuring a stable rental income through long-term leases and strong tenant relationships.

• Industrial Assets

  Dipula owns industrially zoned properties that cater to light manufacturing, logistics, and warehousing needs. These assets are spread out across key industrial nodes, allowing businesses to efficiently operate and distribute their products within South Africa and to its neighboring countries.

• Residential Rental Assets

  Expanding the portfolio further, Dipula invests in residential properties, offering a range of rental options from affordable housing to premium apartments. This diversification into the residential sector helps in balancing the portfolio risk, making the overall asset base more resilient to market changes.