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Disposal of certain non-core properties
DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000158317
JSE share code: DIB ISIN: ZAE000158325
(Approved as a REIT by the JSE)
(“Dipula”)
DISPOSAL OF CERTAIN NON-CORE PROPERTIES
Linked unitholders are advised that, in line with its strategy to trade out of non-core assets and improve the
overall quality of its portfolio, Dipula has concluded agreements to sell 13 properties for a total purchase
consideration of R51.8 million, which will be used to reduce debt.
The sale will reduce the number of properties in the Dipula portfolio from 180 to 167, drop vacancies
across Dipula’s portfolio and increase the average value of the properties in the Dipula portfolio by
approximately 9% to R24.3 million.
The sale is not material enough to impact on the guidance given in the financial results for the year ended
28 February 2014. However, given the reduction to Dipula’s interest expense from the reduction in debt
and the saving on unrecoverable rates and operating costs, it is anticipated that the sale will be slightly
yield enhancing (although this has not been reviewed or reported on by Dipula’s auditors).
5 August 2014
Corporate advisor and sponsor
Java Capital
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