REBOSIS Property Fund, the JSE’s first listed black-managed property group, has won overwhelming shareholder support in its takeover of Billion Group. Rebosis will acquire two large, regionally dominant retail centres as well as services companies in a deal worth R4.9bn. Up to about R3.7bn will be debt funded by debt, with the balance due in cash. The cash would be funded through a series of a claw-back offers that would be underwritten by Billion, Abacus, which is a 50% owner of Baywest Mall, and by Nedbank. Rebosis, which listed five years ago with R3.6bn in assets, would also acquire Billion Asset Management and Billion Property Services, thus increasing scale and liquidity. Rebosis said on Monday that shareholders had approved the transaction in a 87.6% vote in favour. Rebosis would also acquire Baywest City shopping centre, the largest mall in the Eastern Cape, and Forest Hill City, a mall in Centurion. Rebosis changed the terms of the deal in July after investors said the reta...
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