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British investment New Frontier creates problems for Rebosis

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SA fund to sell some of its best retail assets

Struggling Rebosis Property Fund wants to reduce its loan-to-value ratio to below 40%, from 49.4% at the end of NovemberStruggling Rebosis Property Fund, which on Friday warned that its 2019 financial year was set to be its worst since listing eight years ago, will sell three of its local malls for R1.8bn to repay loans.

Its balance sheet is laden with debt and the shoddy performance of its UK investment New Frontier Properties has put more pressure on its finances. Vukile Property Fund has made an offer to buy Mdantsane City Shopping Centre, Sunnypark Shopping Centre and Bloed Street Mall for R1.8bn. Garreth Elston, chief investment officer at Reitway Global, said Rebosis had become “a forced seller of its good assets”.

 

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