Dipula acquires Gillwell Taxi Retail Park for R316.1m

Dipula Income Fund (DIA) has acquired Gillwell Taxi Retail Park for R316.1m‚ the company said on Wednesday.

The total consideration includes the repayment of a development loan obtained by Gillwell in order to fund the development of a retail centre on the property.

The company said an agreement had been concluded between Dipula‚ Eris Property Group and Isibonelo Property Services in terms of which Dipula will acquire‚ subject to certain conditions‚ all of the shares and claims in Gillwell Taxi Retail Park.

The property is a well located retail site within East London’s CBD trading hub.

“The centre will offer sustainable income growth‚ which will be underpinned by major national retailers. The acquisition is in line with Dipula’s acquisition strategy of acquiring larger quality assets that will enhance the overall quality of the portfolio‚” it said.

The consideration will be paid in cash.

Planning consent for the development of the centre was obtained on December 4 2013 and when completed‚ it will be a commuter-based three-level shopping centre‚ anchored by Game Stores and Shoprite.

The retail centre is expected to be completed during March 2015 with letting and occupation dates estimated to be April 2015.

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