Home » Rebosis, founded by South African tycoon Sisa Ngebulana, gears up for resurgence as buyers flock with purchase offers

Rebosis, founded by South African tycoon Sisa Ngebulana, gears up for resurgence as buyers flock with purchase offers

by Omokolade Ajayi
Sisa Ngebulana

Rebosis Property Fund, a real estate investment trust company founded* by South African businessman Sisa Ngebulana, is on the path to revival as 22 buyers have expressed interest in conducting due diligence and submitting purchase offers to the debt-ridden company.

Business rescue practitioners (BRPs) appointed to salvage Rebosis Property Fund are optimistic about its future prospects, citing a “reasonable prospect” of rescuing the beleaguered real estate investment trust.

Rebosis is a real estate investment trust founded* by Sisa Ngebulana. The fund specializes in owning and managing retail and office buildings in Gauteng and the Eastern Cape regions of South Africa.

The company has encountered challenges in meeting its financial reporting obligations, causing delays in publishing its annual financial statements for the year ended Aug. 31, 2022, as well as its interim report for the six months ended Feb. 28, 2023.

These delays have been attributed to the ongoing audit process, which involves finalizing the valuations of Rebosis’ investment properties through an independent third party. Completing the interim report is contingent upon finalizing the 2022 fiscal year.

Rebosis Property Fund has struggled with its financial performance in recent years. In its 2021 financial year, the company reported losses of R29.41 million ($1.62 million), primarily driven by the impact of rising interest rates, frequent power outages, and unsustainable municipal service charges.

Disruptions caused by the COVID-19 pandemic and market uncertainties surrounding the economic consequences of the Omicron variant further weakened its financial results, leading to concerns about earnings.

Despite these challenges, the appointment of BRPs and the growing interest from private individuals, joint ventures, and Johannesburg Stock Exchange-listed REITs to acquire Rebosis’ properties have injected a sense of optimism into the company’s future.

The ongoing efforts to finalize the audit process and publish the delayed financial statements will be crucial in restoring confidence in Rebosis Property Fund and reassuring stakeholders about its prospects. With potential buyers stepping forward, the company’s fate hangs in the balance as it navigates the path to recovery.

*Updated to reflect Sisa Ngebulana’s role as the founder of Rebosis Property Fund*

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