Rebosis offloads more office space
The BEE property fund's founder believes retail assets will deliver better returns than offices
Rebosis Property Fund has sold two properties for R897m as it continues to offload offices in favour of shopping centres. Rebosis announced on Wednesday that it had entered into agreements with two separate parties to buy its Pretoria-based buildings – Bank of Lisbon and SALUE. The company's founder, Sisa Ngebulana, has been trying to sell about R5bn worth of offices for the past two years. He previously said that he wanted Rebosis to be a retail-focused real estate investment trust (Reit) and that this was why he purchased Baywest Mall in Port Elizabeth and Forest Hill City in Centurion, Gauteng, in 2016. In 2018, Rebosis sold offices in Cape Town for about R900m to Boxwood Properties. It also announced it was in the process of selling a further R2.2bn property portfolio which included six Johannesburg buildings and one Pretoria building.
The office space sector is still battling high vacancies while shopping centres offer better returns, said Ngebulana. Rebosis owns six shop...
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