Rebosis to sell three malls for almost R2bn to repay loans

Rebosis Property Fund, which has lost favour among investors partly because of its elevated debt levels, says it will raise about R1.8bn by selling three malls as part of its plans to deleverage.

As a result, Rebosis said “it is important to expedite the reduction of its loan-to-value ratio in order to achieve a lower cost of funding, an improved credit rating and a stronger balance sheet”.Rebosis said it would sell three retail properties — Mdantsane City Shopping Centre, Sunnypark Shopping Centre and Bloedstreet Mall — to Vukile Property Fund for R1.8bn.The sales are expected to become effective at the end of August.

The group warned recently that its distributable income for the year ending August 2019 would fall between 52% and 62%.Rebosis was listed by CEO Sisa Ngebulana eight years ago.

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