Texton Property Fund, which has exposure to quality assets in the South African and UK real estate markets, but has lagged behind its peers in terms of performance, may be a takeover target for larger groups. Rebosis Property Fund, the diversified real estate group founded by East London businessman Sisa Ngebulana, has been tipped as a likely suitor. Rebosis already owns a stake in the UK group New Frontier Properties and may be looking to snap up some properties to enhance its UK portfolio. Texton, which has 61% of its portfolio in SA and 39% in the UK — where it focuses on malls in secondary nodes outside of London — has been an under-performer for some years. Last Friday, shareholders voted to internalise Texton’s management company (manco), in line with many real estate investment trusts (Reits) around the world, at a cost of R180m. Some shareholders are upset as manco owners had to be paid out despite criticisms about how much value they have added. Texton said the manco intern...

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