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Rebosis Property Fund appoints Andile Mazwai as CEO with effect from 1 October 2017 taking over from founder Sisa Ngebulana who moves to Deputy Chairperson position.
Rebosis herewith announces some key leadership changes to the CEO and Board that will best position the company into its future.
South African property development company, Billion Group – known for its development of major malls – on Wednesday evening celebrated its inroads into hotel development with the opening of the four-star, R130-million Mayfair Hotel in Mthatha, adjacent to the company’s R1.4-billion BT Ngebs City regional mall.
Rebosis Property Fund, a JSE listed Real Estate Investment Trust (REIT) whose strategy is directed toward dominant retail malls and which recently internalised its management team, has reported net property income growth of 74,6% for the six months ended 28 February 2017.
Rebosis Property Fund, the JSE’s first listed black-managed REIT, sustained strong distribution growth for the year ended 31 August 2016.
Value of shopping centre owner New Frontier Properties' assets has been under pressure.
Rebosis Property Fund, the JSE’s first listed black-managed REIT, today announced that it has obtained overwhelming shareholder support to acquire two large, regionally dominant retail centres as well as the services companies from property developer Billion Group (Pty) Limited.
Shareholders are advised that Rebosis has concluded an agreement for the disposal of the property letting enterprises in respect of the 3 properties known as 28 Harrison Street, 124 Main Street and 64 Eloff Street (the “properties”) to Southern Palace Group of Companies Proprietary Limited (“Southern Palace”) for an aggregate consideration of R847 498 292 (exclusive of VAT at zero percent) (the “disposal”).
Rebosis Property Fund is positioning itself for a rerating, which will attract larger investors and enable the company to join global indices.
Rebosis Property Fund changes the terms of its takeover deal with developer Billion Group following pressure from investors who said the retail-focused group was overpaying for some assets.