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Archives for August 2025

Dipula announces R700 million in strategic acquisitions

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Dipula announces R700 million in strategic acquisitions, headlined by Soweto’s Protea Gardens Mall 

Dipula Properties (JSE: DIB) today announced five strategic acquisitions totalling approximately R700 million, underscoring its commitment to long-term value creation. Foremost among them is the R480 million acquisition of Protea Gardens Mall in Soweto.

Dipula is a prominent South Africa-focused REIT with a defensive portfolio, and more than two-thirds of its income derived from retail centres in townships, rural areas, and urban convenience nodes.

With these acquisitions Dipula continues its portfolio growth strategy, focused primarily on retail, industrial and logistics assets.

Izak Petersen, CEO of Dipula Properties, describes the acquisitions as “an agile response to improving market conditions and a more favourable cost of capital environment”.

Protea Gardens Mall, Soweto

Protea Gardens Mall is a 24,000sqm community shopping centre located in the densely populated area of Protea Soweto. Anchored by leading national retailers including Shoprite, Boxer, and Cashbuild, alongside top-tier fashion brands, the mall boasts over 70% national tenant occupancy, representing both retail strength and income durability.

“Protea Gardens Mall is an excellent strategic fit for Dipula with embedded growth and value unlock potential, underpinned by quality tenants and a growing consumer market,” confirms Petersen.

The acquisition supports Dipula strategic objective to grow its exposure to its targeted retail markets. It also reinforces the company’s commitment to community upliftment through accessible, everyday shopping experiences.

Additional retail expansion

Dipula also announced it has concluded terms for two retail additions that will deepen its presence in key and proven markets.

Woolworths Gezina is adjacent to the Dipula’s highly successful Gezina Galleries. This 4,600sqm addition will be incorporated into the existing centre. The expansion enhances the overall tenant mix and brings the centre’s gross lettable area to around 20,000sqm.

The company has also agreed to acquire land adjacent to the 15,000sqm Tower Mall in Jouberton. This acquisition unlocks future expansion potential for the strongly performing shopping centre.

Industrial growth aligned to strategy

Complementing its retail momentum, Dipula concluded terms for two properties that further cement its core focus on logistics and industrial assets.

Airborne Industrial Park, located near OR Tambo International Airport and adjacent to the N12 highway, is a fully let multi-tenanted park of 6,964sqm. Abland DC, is a modern logistics development spanning more than 16,000sqm, anchored by a strong tenant covenant on a long lease.

“Both these assets have excellent tenant profiles, and are well aligned with our approach to capital allocation in the industrial sector, which is a core part of our strategy,” adds Petersen

Accretive effects

All the income-earning properties are both income and quality enhancing for Dipula’s portfolio. The deals are subject to standard conditions precedent. Transfers are expected to take place between September and November 2025.

Growthpoint confirms leadership succession

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Growthpoint confirms leadership succession for

Group Chief Executive Officer and Group Chief Financial Offi

The Board of Directors of Growthpoint Properties Limited (JSE: GRT) is pleased to announce planned leadership appointments as part of the company’s long-term succession strategy. Estienne de Klerk will be appointed as Group Chief Executive Officer, effective 1 July 2026, and José Snyders will step into the role of Group Chief Financial Officer effective 1 January 2026.

Well planned leadership transition

Growthpoint plans leadership changes well in advance to ensure stable, experienced leadership and a strong, embedded culture to deliver sustainable long-term value to its stakeholders.

In 2022, Growthpoint reported that the current Group CEO Norbert Sasse would retire from the role. The Board is pleased to confirm that Estienne de Klerk, currently Growthpoint South Africa CEO, will succeed Sasse as Group CEO effective 1 July 2026. De Klerk’s appointment follows a structured succession planning process overseen by the Board over several years.

De Klerk is a Chartered Accountant and a Harvard Business School alumnus, having recently completed the Advanced Management Programme. He holds a BCom in Industrial Psychology and BCom Honours degrees in Marketing and Accountancy from the University of Johannesburg. He is also a certified Master Practitioner in Real Estate (PPRA).

With three decades of experience across banking and listed property, and nearly 20 years with Growthpoint in a progression of senior executive roles, de Klerk has deep expertise in capital markets, mergers and acquisitions, operations, BBBEE and industry transformation.

He has held numerous leadership roles in the sector, including Chairman of the SA REIT Association, Past President of the South African Property Owners Association and founder of the Property Industry Group, which supported the sector through the Covid-19 pandemic. He also serves on the boards of key Growthpoint investments, including V&A Waterfront Holdings Pty Ltd and Growthpoint Properties Australia Ltd.

The Board also announces that Gerald Völkel is retiring as Group Financial Director on 31 March 2026 and will be succeeded by José Snyders as Group CFO and Executive Director. Snyders is the current CEO of Liberty Two Degrees Ltd (L2D), a role he assumed following a successful tenure as both Commercial Director and Financial Director of that company. He is a Chartered Accountant with a Bachelor of Commerce degree and two honours degrees specialising in financial analysis and portfolio management and financial accounting. With over 22 years of experience spanning financial services, investment banking and listed real estate, he brings with him a deep blend of strategic, operational and capital markets expertise.

A clearly defined handover structure

Marking 22 years at the helm of Growthpoint, Sasse will continue to lead the company for the current financial year to 30 June 2026, when he will hand the reins over to de Klerk for the 2027 financial year. Sasse will remain with the business in an executive capacity for six months until 31 December 2026, to support a smooth and orderly transition. The position of SA CEO will be removed as part of a broader review of the executive leadership operating model.

Völkel and Snyders will work in parallel for three months, from 1 January 2026 to 31 March 2026, to ensure a seamless handover and continuity across the Group’s financial operations. Völkel will retain the responsibility as Group Financial Director for Growthpoint’s FY26 half-year financial reporting and officially hand over to Snyders from 1 April 2026.

Strong, skilled, stable leadership

These appointments reflect Growthpoint’s ongoing commitment to stable, long-term leadership ensuring the company is well positioned to continue delivering strategic and operational performance. This includes its stated objectives of improving its South African portfolio and optimising its international investments.

Chairman of Growthpoint, Rhidwaan Gasant, comments, “This is a natural and timeous transition to new leadership to take Growthpoint into its next chapter. We are pleased to announce Estienne de Klerk’s appointment as Group CEO, which represents strong continuity and deep corporate knowledge, while the appointment of José Snyders as Group CFO injects fresh perspective into the mix.

“The Board is pleased with the implementation of its leadership succession plan and is confident that these appointments will deliver value for shareholders,” concludes Gasant

Growthpoint and FlySafair launch industry-first travel benefit

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Growthpoint and FlySafair launch industry-first travel benefit for Joburg office tenants

 Office space that gets you places — Growthpoint changes the office leasing game

Growthpoint Properties (JSE: GRT), South Africa’s leading listed property company, is revolutionising what tenants can expect from their offices in a pioneering partnership with FlySafair that quite literally helps business take off.

In an unprecedented move for the property sector, Growthpoint has teamed up with leading low-cost passenger airline FlySafair to launch a first-of-its-kind office tenant travel benefit – Growthpoint SmartFlight.

Businesses signing new leases of three years or more in Growthpoint’s Johannesburg office portfolio can now convert up to 30% of their tenant installation allowance into FlySafair flight vouchers.

The vouchers, redeemable through a central digital wallet using the latest blockchain technology (the same technology used in cryptocurrency transactions), offer tenants the opportunity to unlock business travel, whether to attend meetings or conferences, to enable hybrid work strategies, or simply get teams face-to-face where they collaborate best. Using the digital wallet, the tenant can allocate the flight ticket to any employee within their company.

“At Growthpoint, we understand that office space isn’t only measured in square metres, but also in the ways it enables your business to thrive,” says Timothy Irvine, Growthpoint Properties Head of Asset Management: Offices. “We are proud to partner with award-winning FlySafair to take our office tenants to new heights.”

A new kind of office offering

The initiative marks a bold shift in commercial property leasing. Industry-wide, tenant installations allowances are typically limited to fit-outs and furnishings. With Growthpoint’s SmartFlight, its tenant installation allowance now becomes a strategic asset that recognises that in today’s business world connection is as critical as space, and so it assists in the operational growth of tenants’ businesses.

“FlySafair is proud to be part of an innovation that puts real business benefits in the hands of Growthpoint’s tenants,” says Kirby Gordon, FlySafair CMO and Executive Manager.

Growthpoint SmartFlight vouchers are valid for 12 months, redeemable for FlySafair domestic flights and subject to standard FlySafair and Growthpoint terms and conditions.

A pattern of property innovation with intent

This new travel benefit joins a suite of industry-first initiatives that transform what Growthpoint tenants get from their office lease.

Growthpoint’s SmartMove Office programme offers up to 100% of first-year rental back in value, covering rent-free periods, fit-out and relocation costs. UNdeposit replaces traditional security deposits with a once-off fee, freeing up capital for business growth. Work Agility delivers fully furnished, tech-ready, modern office spaces on flexible terms, which are ideal for teams that need to move fast without sacrificing quality.

Coming this September, Growthpoint’s e-co₂ will switch on wheeled renewable electricity, delivered through a landmark Power Purchase Agreement with Etana Energy, directly to opted-in tenants at a selection of its office buildings in Sandton, Johannesburg. With fixed green electricity escalation pricing and certified emission reduction certificates, tenants can lock in cost-stable green electricity that also accelerates ESG goals.

Together, these game-changing initiatives signal a fundamental shift for the property industry as Growthpoint continues to find bold and innovative ways to structure offices around business performance, not the other way around.

A partnership elevating possibility for business

Growthpoint’s collaboration with FlySafair – an industry disruptor that reshaped access to air travel in South Africa – is a fitting match. Both have a track record of identifying and unlocking opportunity and value, expanding what it means to thrive in a modern economy.

“SmartFlight builds on a new kind of thinking that is reshaping offices into strategic resources that help South African businesses stay agile, competitive and connected,” says Irvine.