Rebosis Property Fund, founded by East London entrepreneur Sisa Ngebulana, has finally let ailing UK mall owner New Frontier Properties go, saying that it will sell its stake in the group for next to nothing as it battles to survive.

Rebosis said on Friday it was technically in breach of its debt covenants with South African banks, but it was in negotiations with them, and none of the financial institutions had called in their debt.

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