Dipula Income Fund’s shopping centres include Chilli Lane in Sunninghill and Norwood Centre. (Chilli Lane/Facebook/Supplied )
Lower-earning shoppers in rural and township areas have seemingly handled the fallout from higher interest rates better than other income groups, helping landlord Dipula’s retail portfolio cut its vacancy rate by a third in its six months to end-February.
The diversified property fund, which has a total asset value of just under R10 billion and is valued at about R3.5 billion on the JSE, reported on Tuesday that the retail segment had been its “star performer” during the period as its vacancy rate fell to 6% from 9% previously.
Around 61% of its total rental income was generated in Gauteng, and it reported that revenue grew 9% to R755 million to end-February, though distributable earnings still fell about 3% to R249 million, taking a hit from higher interest rates.
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