Billion plans to list new Rebosis fund

Posted On Wednesday, 06 October 2010 02:00 Published by eProp Commercial Property News
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Property development and investment company Billion Group announced the creation and planned listing on the JSE of Rebosis Property Fund, a blackowned and managed property fund valued at about R4bn.

 

Sisa NgebulanaBillion Group founder and Rebosis CEO Sisa Ngebulana said the purpose of listing Rebosis was to raise capital to grow the size of the portfolio and unlock value in the development pipeline.

Mr Ngebulana said the Rebosis portfolio, which consists of nine high-grade retail and commercial properties, presented an attractive equity proposition for investors because of its exposure to attractive retail assets with “significant” upside potential.

“This is coupled with its exposure to long-term commercial leases with national government, giving it a solid sovereign underpin,” he said.

The Rebosis portfolio comprises about 60% retail and 40% commercial property and is characterised by a quality tenant mix consisting of the national government and retailers, with low vacancy rates overall.

The largest retail asset in the portfolio is Hemingways Mall, a super-regional shopping centre serving the greater East London area.

Mr Ngebulana said Rebosis also had a strong pipeline of acquisitions and a strategic relationship with the Billion Property Group.

Through this relationship, Rebosis would be able to acquire development assets from Billion Group at fair value, he said.

“… the development pipeline and relationship with Billion Group positions it to cherry-pick value- enhancing development projects without exposing shareholders to development risk.”

Rebosis has come about as a result of a successful initiative by Billion Group that resulted in exceptional growth in the property portfolio over the past eight years, from the acquisition of its first commercial property in 2003 to the development of regional malls, culminating in a property portfolio with a combined value of about R4bn.

Rebosis chairwoman Dr Anna Mokgokong said the listing of Rebosis would provide management with the ideal platform to continue to grow the asset portfolio.

“The dynamic management team’s impressive track record, combined with its access to capital, uniquely positions Rebosis to take advantage of opportunities in the property market and create significant value for shareholders,” she said.

Last modified on Tuesday, 22 April 2014 11:51

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