Baywest Mall and other properties set to be sold by end of July
The sale of Rebosis properties including the Baywest Mall in Gqeberha and Hemingways Mall in East London will only take place after the final purchaser’s selection on July 27.
There has been huge interest by bidders since the company announced it was putting its properties on auction, due to a financial crisis.
On May 18, it was reported that the Rebosis Property Fund’s debt had ballooned to R9.5bn.
After protracted business rescue attempts, it was left with no option but to sell some of its assets, including the Baywest Mall, worth R1.6bn, and the Hemingways Mall valued at R1.72bn.
The company has 35 office buildings, five shopping centres and an industrial building.
Jacques du Toit, a business rescue practitioner, confirmed that they had received offers.
“I can confirm that we have received numerous expressions of interest by the deadline date of May 15, including for Hemingways Mall and Baywest Shopping Centre.
“The business rescue practitioners, appointed advisers and the relevant secured creditors evaluated these expressions of interest and selected several preferred bidders, based on a number of considerations, including the proposed purchase price, empowerment credentials, acquisition rationale and financial capacity.
“Preferred bidders were notified of their selection on May 19. They can now conduct due diligence on the asset or assets of their interest.
“This process takes place from May 20 to June 29, following which preferred bidders will submit a final, binding offer.
“Subsequently, the business rescue practitioners, relevant secured creditors and preferred bidders may enter into further negotiations with a view to optimise the terms of the final offers.”
Du Toit also said the final offers would be submitted in July and the sale would then take place.
“Final offers will be submitted by July 20. “The final purchaser selection is expected to take place on July 27, followed by the conclusion of the final sales agreements on the same day,” he said.