Rebosis founder increases stake in company

Property mogul and founder of Rebosis, Dr Sisa Ngebulana
has backed his vision for the company in a R114 million transaction.

Prior to the start of the company’s closed period on the 1st
of September, Dr Ngebulana has acquired just under 161 million of the company’s
ordinary shares at 45 cents per share and a further 36.5 million A-ordinary
shares at 115 cents per share to increase his overall stake in Rebosis to 31.26%.
This makes him the largest shareholder in the company.

These transactions were done of-market through the Amatolo Trust
of which Dr Ngebulana is a trustee and a discretionary beneficiary.

“Despite the macro-economy
and property sector facing serious headwinds in the aftermath of the COVID-19
lockdowns, our asset base has proven resilient during this time.
Our
office portfolio, which consists of mainly government leases, maintained its
defensive nature well, and has supported our retail operations where some
rental assistance was required”
comments Dr Ngebulana.

“Now is a very exciting time to
be involved in property, as shifting fundamentals provide both risks and
opportunities. I hold the courage and conviction that our plans are on a path
of success for this business”.

“As the largest shareholder in
Rebosis, this transaction underscores my confidence in the future of the
Company and I remain confident that our short-term challenges will soon be
overcome as we slowly but surely address current challenges one at a time, with
a clear vision and strategy.”

Founded in 2010, Rebosis listed on the JSE on the 17th
of May 2011 with an initial portfolio of R3,3 billion which has since grown to
R14.1 billion.

Rebosis is retail-focused real estate investment
trust (REIT), with a high-quality government-tenanted commercial
portfolio. 

Rebosis owns large regional malls in Port Elizabeth
(Baywest Mall), East London (Hemingways) and Centurion (Forest Hill City) as
well as regional malls in Pretoria (Sunnypark & Bloed Street).

The company’s commercial portfolio includes 36
buildings, most of which are let to national government. The sovereign underpin
shields the portfolio from political and economic volatility. 

Source: Propertywheel.co.za | https://propertywheel.co.za/2020/09/rebosis-founder-increases-stake-in-company/

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