Rebosis sells seven office properties for R2.18bn

REBOSIS, the listed property company that previously indicated it planned to accelerate the disposal of its non-core office assets to become a retail-focused fund, has agreed to dispose of seven of its office properties for a total of R2.189 billion.

The company said yesterday that it had concluded three sale and purchase agreements to dispose of the seven office properties to various empowerment consortiums, further demonstrating its commitment to transformation in the property sector.

It reiterated that the disposals formed part of the company’s strategy to be a retail-focused fund and to reduce its gearing and existing debt.

Rebosis has agreed to dispose of a 20 818m² office building at 124 Main Street and 11 204m² office property at 18 Rissik Street in Johannesburg to Aventro Properties, a wholly-owned women-led black-owned and managed company. It said Aventro was currently pursuing property and social infrastructure developments and was represented by Tebogo Nkosi, Joan Madibeng and Mncedisi Ndlovhu for a total of R894.6 million.

Rebosis has also agreed to dispose of the 20 984m² office building at 28 Harrison Street in Johannesburg and 19 332m² office property at 189 Schoeman Street in Pretoria to the Endless Fortune consortium for a total of R588.84m.

Endless Fortune, a wholly blackowned company that was actively acquiring government-tenanted portfolios, was represented Mpho Maerane.

Rebosis has further agreed to sell the 11 500m² Bathopele building, 21 438m² Game building and 11 840m² Surrey House building, all of which are in Johannesburg’s central business district, to the Lunar Stone Trading consortium for a total of R551.4m.

Shares in Rebosis rose 1.99 percent on the JSE yesterday to close at R3.07.