Black-owned and managed Rebosis Property Fund will sell seven buildings for nearly R700m to a private black owned company, as it looks to decrease its exposure to offices while helping to promote black property investors. Rebosis would sell the portfolio through its subsidiary, Ascension Properties, to an investment company owned by Nhlanhla Magubane. Founded by CEO Sisa Ngebulana, Rebosis is offloading offices in favour of owning shopping malls. The office space sector has been battling high vacancies while shopping centres offer better returns, said Ngebulana. Since October 2018, Rebosis has disposed of R5.2bn worth of offices through numerous separate sales. Ngebulana wants Rebosis to become a 100% retail focused fund and to reduce its gearing levels. Proceeds from the disposals will be used to reduce the company’s loan-to-value to below 40%. Rebosis would own R4.6bn worth of offices after the sale to Magubane. Ngebulana wants to dispose of a further R2bn worth of offices. The fu...

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