Rebosis Raises R650 Million In Oversubscribed Rights Offer

Posted On Monday, 04 February 2013 16:37 Published by eProp@News
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Rebosis Property Fund, the first black-managed and substantially black-held property fund to have listed on the JSE Limited today announced that it successfully raised R650 million in a rights offer. The offer was oversubscribed.

Rebosis Chief Executive, Sisa Ngebulana commented: “We are very pleased with the successful rights offer and the strong support from our institutional investors. The proceeds will be used to reduce gearing and strengthen Rebosis’ balance sheet.”

The subscription price for the rights offer linked units was R11.20 per linked unit and a total of 58 035 718 new Rebosis linked units will be issued, increasing the total issued linked unit capital of the Fund to 307 183 417 linked units.

“We have been on a strong acquisition drive in the latter part of last year. This rights issue enables us to move quickly on other pipeline opportunities as we have access to cash to conclude future transactions.” Ngebulana explained.

In November last year, Rebosis announced the acquisition of Sunny Park retail center from Zenprop. The center comprises 24 318 m2 retail space including a Virgin Active Gym and 3 179 m2 office space and 608 parking bays. The center is located towards the east of the Pretoria CBD and brings the number of large, regionally dominant retail centers in the portfolio to four.
At the same time, Rebosis also announced the acquisition of an 18 729 m2 warehouse tenanted by Antalis. Antalis has occupied the property since 1995 and the lease, which expires in 2019, is underpinned by its parent company which is listed on the Paris stock exchange.

In December 2012 Rebosis announced the conclusion of agreements to acquire a number of large, high quality and defensive commercial properties tenanted by national and provincial government as well as blue chip corporate tenants from the Nthwese Trust and Peolwane Properties (Proprietary) Limited.

Last modified on Tuesday, 05 February 2013 02:30

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