Sisa Ngebulana, founder and CEO of Rebosis Property Fund, says his company plans to sell assets to help trim its almost R10bn debt load.

Rebosis’s loan-to-value (LTV), which measures the ratio of loans to the value of assets, has rocketed to more than 71%, from 49.4% at the end of November 2018. Fund managers tend to regard an LTV of less than 40% as acceptable.

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