Market watchers: Texton Property Fund ‘is ripe for takeover’
Fund that has doubled its portfolio value since 2014 may be a target for Rebosis, say market watchers
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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