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Dipula Income Fund, owner of regional and community retail assets such as the Norwood Centre and Sunninghill's Chili Lane, says it responding to tough economic conditions by ensuring its assets are fit for the type of tenants who may be doing well, regardless.
Instead of waiting for the South African economy to create jobs again so that people can fill up offices, the company is cutting down vacancies by converting its offices into private schools and apartments. In the retail property space, Dipula is looking for new types of tenants it never thought of a few years ago.
"In the midst of this terrible, difficult macro environment, there's still opportunity. There are people making money in this market. If you are in the electrical business installing or maintaining generators, you will be making money. So, we need to find out who these tenants are, where they're operating from and do business with them," said Dipula CEO, Izak Petersen.
