Rebosis gets more time to prepare group’s particulars for sale of its rental assets

Rebosis Property Fund says the JSE has granted it an extension to finalise the preparation and review of pro forma financial information for the sale of its rental assets. 

Shareholders were told in October that full details of the transaction would be set out in the circular with the pro forma financial effects of the transaction. The circular to shareholders is expected to be distributed on or about January 21, Rebosis said in a Sens announcement.

Rebosis is a JSE-listed real estate investment trust with a high quality diversified portfolio of commercial and retail assets, including Baywest Mall in Gqeberha and Forest Hill City in Centurion.

On October 21, the company said that it had with its wholly owned subsidiary Ascension Properties concluded agreements for Ulricraft to buy a portfolio of the rental business from Rebosis as a going concern.

The transaction aggregate cash consideration is R6.32bn and the sale portfolio comprises government and state-tenanted office assets.

Ulricraft was established to participate in the transaction. It is a wholly-owned subsidiary of Vunani Capital Partners, a company listed on Equity Express Securities Exchange.

Rebosis said the transaction is consistent with the company’s strategy to deleverage and optimise its balance sheet by reducing its loan-to-value, to realise the value of the office segment of its portfolio, to restructure the business as a retail focused fund and to position the company to resume dividend payments to shareholders.

At the end of August 2021, Rebosis’s group portfolio of 41 properties was valued at R13.1bn with gross lettable area of 799,847m². Of this, the office property portfolio of 35 properties was worth R7bn, according to the annual financial results.

In terms of JSE listings requirements, the pro forma financial effects disclosed in the circular must be based on the latest financial information published by the company. Rebosis published its reviewed annual financial results on December 2, said the company.

mhlangad@businesslive.co.za