Should Rebosis merge with Delta?
One of the options open to Rebosis CEO Sisa Ngebulana is a tie-up with Delta Property Fund
One of the options open to Rebosis CEO Sisa Ngebulana is a tie-up with Delta Property Fund.But who exactly would Rebosis be marrying? Delta was listed in 2012 by CEO and founder Sandile Nomvete as a specialist fund with a focus on leasing office space.Like Rebosis, it is black-managed and substantially black-owned. Both funds listed when there was a drive to get a number of well-sized black property companies on the JSE.As it is, the property sector certainly has a transformation problem. Besides Rebosis and Delta, there are only a handful of black-owned or black-run funds on the bourse, including Dipula Income Fund. While a few investors of colour have tried to list their portfolios since 2011, they’ve battled to attract capital.When Delta listed, its portfolio was worth R2.1bn, it had 20 properties, and its market value on the JSE was R1.35bn.Today, Delta has R11.3bn in investments, including more than 100 properties under management. But, like Rebosis, it has felt the sting of an...
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