Rebosis Property Fund grew its assets under management by nearly a third in the year to August and achieved distribution growth of 8.2%, which pleased investors on Monday. The black-managed real-estate investment trust (Reit) has a defensive portfolio of dominant retail assets and has a commercial office portfolio mainly let to the government. Rebosis declared a final dividend of 62.66c per share, which, with its interim dividend of 56.79c declared in February, took the total for the year to 119.45c, which was growth of 8.2% on the prior year. "The solid distribution growth is mainly as a result of continued organic growth in our existing portfolio as well as the management team’s containment efforts, which saw our cost to income ratio reduce from 13.3% to 12.5%," said CEO Sisa Ngebulana. At the close of the reporting period, Rebosis’ direct assets under management were valued at R12.8bn compared with R9.8bn at the end of August 2015. The company’s investment in Ascension Properties...
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