Rebosis cans interim dividend as it focuses on cutting debt

Rebosis Property Fund says it will not pay an interim dividend after reporting a R2bn loss for the six months to end-February as it wrote down the value of its investment in UK landlord New Frontier Properties.

Distributable income fell 61% to R195m, with about R96m of the fall being “a direct result of New Frontier Properties”. Finance costs increased by R97m, while Rebosis said it also lost rental warranty income of R42m and rate rebates of R24m. The value of the direct investment in New Frontier Properties and the loan to a BEE consortium was written down to underlying net asset value.

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