Rebosis, with a market capitalisation of R2,2bn, listed at R10 per linked unit and made a welcomed debut with units reaching a day’s high of R10,40 although closing on Tuesday at R9,99.

The fund placed 166-million linked units at R10 each, raising R1,66bn in a private placement that was oversubscribed.

CEO Sisa Ngebulana said he was "humbled" by the confidence private and institutional investors showed in Rebosis.

Rebosis’ office rental portfolio consists of five buildings in nodes attractive to government tenants; four in Pretoria and one in Braamfontein. The offices are mainly let to the Department of Public Works, under long leases providing for escalations of 8% or more a year.

Mr Ngebulana said the office portfolio underpinned a substantial portion of the fund’s earnings and shielded it from private sector risks such as tenant insolvency and default, while the retail portfolio had a good tenant mix with over 80% being national tenants.

Lydia Shadrach-Razzino of Cliffe Dekker Hofmeyr, which advised Rebosis, said the listing was "exciting" considering the history of Rebosis and its black empowerment credentials.

Rebosis was incorporated in February last year and converted into a public company in November with a view to separately listing the Billion Group’s office properties. The Billion Group, established in 1999, now has properties worth more than R3,6bn.