Rebosis, which listed in 2011, was the most highly black-managed and held property company on the JSE for a number of years. But the group is struggling, trying to sell down its office portfolio to reduce debt and having to slash its upcoming dividend payout. It was established by the Billion Property Group in 2010 and listed in May 2011. Since the listing Billion has developed a number of assets and then sold them to Rebosis. It was also Rebosis’s property and asset manager until these functions were internalised. At the time of listing, Rebosis’s property portfolio was valued at R3.3bn. The group now owns R19bn worth of assets. CEO and founder Sisa Ngebulana is trying to cement the company’s strategy as being foremost a retail property owner. This shift began about two years ago when Ngebulana decided he needed to divest from offices and a number of sovereign underpinned assets. But this has proved more difficult than expected and the group is taking longer than it wanted to dispo...

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