Rebosis to sell Mdantsane Mall to Vukile
Vukile had initially expressed an interest in acquiring three shopping centres from the group
23 July 2019 - 19:06
Rebosis Property Fund has agreed to sell Mdantsane Mall, one of its prized assets, to Vukile Property Fund, as the embattled company takes a small step in cutting its debt burden.
Rebosis, which was founded by Mthatha-born entrepreneur Sisa Ngebulana, is dealing with its biggest challenges since listing in 2011. Earlier in July it had to sell its stake in New Frontier at a loss of more than R1.8bn after the UK mall owner’s value was destroyed by Brexit uncertainty and a drop in retail sales. Rebosis’s share price has dropped significantly as a result and is down 78% year to date...
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