DELTA Africa is set to become Mara Delta next month, a R3bn pan-African listed property fund, having more than trebled in value since it listed in July 2014.

The fund, which on Thursday reported interim dividend growth of 32.8% for the six months to December, will own 12 properties in some six African countries. It is becoming the largest listed property player with a sole focus on African countries other than SA.

"These results are very encouraging. Our strategy of accessing dollar-based yields in key high-growth economies on the continent is gaining traction. We are starting to attract institutional investors who are seeking dollar-based returns," said CEO Bronwyn Corbett.

Delta Africa and Mara Diversified Property Holdings are merging to form Mara Delta.

As part of the Mara Delta agreement, Abland Africa, Kenyan developer Carlisle Property Holdings and investment company Mara Group have been appointed as promoters to source investment and development opportunities across the continent for Mara Delta.

Delta Africa successfully acquired and transferred US$51.3m of assets during the reporting period, including Zimpeto Square, a 4,764m² retail mall in Maputo, Mozambique, which transferred on October 15 2016 for a consideration of US$10.6m.

A 50% interest in the Mukuba Mall, a 28,235m² retail mall in Kitwe, Zambia transferred on December 1 2015 with a gross asset value of US$31.5m and a 50% interest in the Kafubu Mall, an 11,964m² retail mall in Ndola, Zambia on December 1 2015 with a gross asset value of US$9.1m.

At the end of the reporting period, Delta owned a portfolio of seven high-quality commercial offices and strategically located retail centres with a combined gross lettable area of 79,127m², weighted 59% retail and 41% commercial offices.

Once it merges with Mara, it will have 12 properties, located in Mozambique, Nigeria, Kenya, Zambia, Mauritius and Morocco.