PROPERTY FUND
Confidence vote, says Dipula, as bookbuild overshoots 32%
Dipula Income Fund has raised R790m, which will help it fund one of its most attractive portfolio acquisitions since it listed in 2011. The group had intended to raise R600m and CEO Izak Petersen said that outdoing this number by a staggering 32% was a vote of confidence in the group’s growth strategy. The oversubscribed book-build suggests improved confidence in South African-listed property after a difficult first quarter in which relatively little capital was raised. Keillen Ndlovu, head of listed property at Stanlib, said that despite the increased volatility in the sector there continued to be appetite for listed property. "Retail and institutional investors are actually increasing their inflows into the sector," he said. Petersen said he had waited for a well-priced deal that could enhance the company’s asset base. At the end of 2017, Dipula announced it would buy a diversified portfolio for R1.2bn, which it concluded at the end of March, growing its overall portfolio to beyon...
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