Rebosis Property Fund has sold offices worth nearly R900m in a bid to reduce debt levels and to increase its bias to retail assets. This is the first step founder Sisa Ngebulana has taken to sort out structural problems at the fund — such as being over-indebted — since he returned to his CEO position in April. "We have begun to clean up our portfolio, starting with this sale," he said. "It will help us to bring our gearing down, which is one of our goals." Through its subsidiary, Ascension Properties, Rebosis has agreed to sell an office portfolio to Boxwood Property Investment Fund for R888m. The proceeds of the disposal would be used to settle debt. Boxwood, which is led by former Vunani Property Investment Fund CEO Rob Kane, buys commercial properties and redevelops them. It has acquired 14 Long Street, 45 on Castle, Bergstan Building, Matrix Building, Nedbank Building and Rebosis House. Ngebulana wants his fund’s portfolio to be 80% retail and 20% office in a few years. Prior to...
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