Rebosis to appoint independent valuer
Property fund says its portfolio will be revalued after it received a qualified opinion from its auditors
In an effort to improve its credibility, Rebosis Property Fund has agreed to have its portfolio revalued after its auditor BDO granted a qualified opinion on its results for the year to August because of a valuation discrepancy.
BDO, which issued the opinion report in December, a month after Rebosis issued its full-year results to August, originally appointed Quadrant Properties to value the portfolio. Quadrant head Peter Parfitt valued the portfolio at R12.8bn, lower than Rebosis’s R15.6bn.