DIPULA INCOME FUND LTD (DIPULAA)
Finance in Johannesburg

Industrial and commercial assets account for 25% and 15%, respectively of the portfolio in terms of GLA. The portfolio spans all nine provinces of South Africa. Property management is partly outsourced and partly internally managed. Both enterprises were owner-managed with proven records of entrepreneurial flair. The management team was drawn from Mergence and Dipula. The group’s asset management function is undertaken by dedicated external asset manager, Dipula Asset Management Trust. The group’s property management is primarily performed internally with the remainder outsourced on market related terms. Mergence was co-principal in the formation and listing of Dipula through the merger of Mergence Africa Property Fund and Dipula Property Fund. He has headed Mergence Africa Properties from the acquisition of its first asset, to its listing of Dipula and has spearheaded the growth of Dipula’s asset base from R1,4 billion to R7 billion in just under four years. Izak continues to serve as an executive and shareholder of the Mergence Group and is also the MD of Mergence Africa Capital. Ridwaan has 20 year’s experience in listed property with specific skills in financial reporting and management, acquisitions, disposals, treasury and hotel property development. He started his career at Anglo American Property Services before joining Broll Property Group and thereafter CORONIB Asset Management. In 2006 Ridwaan was appointed Financial Director of Hospitality Property Fund Limited. Dijalo provides property management, facility management, broking and leasing, development facilitation, property consulting and property valuations to the property and financial sectors. He also formerly worked for 10 years at Old Mutual Properties in various positions managing a property portfolio of R3.5 billion. Prior to joining Merafe, she was the Group Financial Director of Kagiso Trust Investments (Pty) Ltd. She has previously served as Chief Financial Officer and Executive Manager: Private Sector and International Investments at the Development Bank of Southern Africa. Brian has 30 years’ experience in the property industry. He was a director of Anglo American Properties and then managing director of ApexHi Properties Limited. He served as chief executive officer of Redefine from 2003 until its merger with ApexHi and Madison Property Fund Managers Limited in He resigned from Redefine to form Capstone Property Group. He also serves on the board of Hospitality Property Fund Ltd as an independent non- executive director and as a trustee of National Empowerment Property Investment Trust. Younaid is a tax and business consultant and an independent director of JSE companies and serves and has served as a member of audit, risk, social and ethics, remuneration and investment committees. He has also served as a director of various public sector and JSE companies. During his career he served as chairman of the Public Accountants and Auditors Board (PAAB, now IRBA); vice president of the Association for the Advancement of Black Accountants of Southern Africa (ABASA); an executive member of the Black Business Council (BBC); and a member of the Income Tax Court.