Rebosis Property Fund continues to offload offices
Real estate investment trust is shifting its focus to shopping centres
East London real estate magnate Sisa Ngebulana will jettison office buildings from Rebosis for R2.19bn, as he shifts the company’s focus to retail properties. Founded in 2010, the largest black-managed and owned listed property group, will sell the assets to empowerment partners as Ngebulana, who is CEO, tries to make good on the promises he has made over the past two years. He said previously he wanted Rebosis to be a retail-focused real estate investment trust and made progress in this regard with the purchase of Baywest Mall in Port Elizabeth and Forest Hill City in Centurion, Gauteng, in 2016.
The R2.2bn office sale is Ngebulana's latest move to shift away from this sector, which is battling high vacancies, in favour of shopping centres which he says offer better returns. Rebosis owns six shopping centres, most of which hold dominant positions in their regions. This makes these assets more defensive as they face less competition from other landlords. Office owners throu...
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