Rebosis pipeline of projects, acquisitions

Posted On Wednesday, 09 November 2011 02:00 Published by
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The company made its debut on the JSE in May, only interested quality assets that would enhance yields while growing its portfolio.

Marc WainerREBOSIS Property Fund, the first black-managed and substantially black-held property fund, plans to bring assets valued at more than R7bn into the market as part of its development pipeline in the next three to four years. It also plans to complete major acquisitions in the next four months.

In an interview with Business Day yesterday after releasing the company’s maiden set of year-end results, CEO Sisa Ngebulana said Rebosis, which made its debut on the JSE in May, was growing and was interested only in good-quality assets that would enhance yields.

Mr Ngebulana said the company had been formulating its development strategy for seven years as it grew its portfolio.

The R7,1bn development pipeline includes Forest Hill City, west of Pretoria. The development is worth R1,2bn and will include a 68000m² retail centre and an office block called Forest Hill Office Park.

Mr Ngebulana said the site was a great location, with 112000 high LSM (living standards measure) households in the immediate area.

National tenants had expressed strong interest in 77% of the space and it was expected to be completed in 2013.

There is also the R1,7bn Baywest City development planned for Port Elizabeth — a city that lacks a regional centre — and Crystal Towers, a mixed-use development worth R1,2bn situated next to the Pretoria Gautrain station and the bus rapid transport link.

For the year ended August, Rebosis declared a maiden distribution of 22,25c per linked unit.

Mr Ngebulana said the fundamentals for strong distribution growth were solid as 40% of the portfolio was underpinned by secure, long-term government leases.

Occupancy across the portfolio was at 97%, well above the sector average, mainly due to long-term single-tenanted office buildings, he said. Rebosis was in talks to "acquire chunky assets which we hope to announce in the next four months".

Last modified on Wednesday, 23 April 2014 10:07

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