The retail focused group is becoming a government office landlord again, selling five of its six malls, in order to stay alive
Group, which is to sell three malls to Vukile fund for $1.8bn, plans to dispose of two more malls to raise cash and reduce its loan-to-valueRebosis Property Fund, which reported a half-year loss nearly equal to its R2bn market capitalisation, is scrambling to survive, and plans to sell more assets to pay debts.
Then on Tuesday, Ngebulana, who is also the group’s CEO, said he would look to sell two more malls to raise cash and to reduce the company’s loan-to-value, which had grown from 51.6% at the end of August 2018 to 57.1% at the end of February . Rebosis’s investment in New Frontier Properties has proved to be a bad decision, even though Ngebulana said on Tuesday that the UK was the best region for his offshore strategy at the time.
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