BACKGROUND TO THE REBOSIS GROUP
Rebosis was established by the Billion Group in 2010, and the company will be the first black-managed and substantially black-held property fund to be listed on the JSE. The JSE listing is expected to be on 17th May 2011
Billion Group was established in 1999 by Mr Sisa Ngebulana, the Chief Executive Officer of Rebosis.
Over the last 12 years Mr Ngebulana has successfully grown the Billion Group's portfolio of office and retail properties, through a combination of acquisitions and property developments, from the initial acquisition of the Liberty Life building in 2003 to the current portfolio of high grade properties valued in excess of R3.6 billion with a split of 40% office buildings and 60% retail centre malls, by value.
LEADERSHIP AND MANAGEMENT
Mr Ngebulana is the Chief Executive Officer of Rebosis, bringing to the group the same strong leadership under which the Billion Group grew to a multi-billion Rand property company.
His entrepreneurial and deal making skills will be utilised to grow the business and the assets under management.
The entrepreneurial flair of the Company will be ably focused by Mr Mike Rodel as Chief Operating Officer and Ms Janys Finn as Chief Financial Officer.
Both Mr Rodel and Ms Finn have significant experience in the listed property sector with larger listed entities and will bring to Rebosis a strong focus on institutional controls and corporate governance.
The asset management and property management of the group's portfolio will continue to be undertaken by the same team that has managed this portfolio prior to it being transferred to Rebosis.
THE REBOSIS GROUP PORTFOLIO
The Rebosis group portfolio comprises eight high grade retail and office properties located in Gauteng and the Eastern Cape
The retail portfolio comprises three exceptional quality shopping malls delivering secure, escalating income streams underpinned by strong anchor and national tenants including the likes of Truworths, Woolworths, Pick & Pay, Edcon, Mr Price, Foschini and Dischem.
- The crown jewel in the retail portfolio is Hemingways Mall, opened in East London in 2009, with a GLA of nearly 80 000m2. Hemingways has established its position as the regionally dominant retail destination for a large, under-serviced catchment area.
- Mdantsane Mall is a high quality enclosed mall of 36 000 m2 in Mdantsane Township near East London, and is considered to be the second largest township in South Africa. The mall is well situated, easily accessible to residents and is unrivalled as a quality retail shopping experience and entertainment destination.
- Bloed Street mall is a well-tenanted commuter mall situated above a taxi rank in Pretoria, with high volumes of foot traffic and potential for expansion on adjacent land.
The five office buildings are well located in nodes attractive to government tenants, four in Pretoria and one in Braamfontein.
- The offices are predominantly let at market-related rentals to the National Department of Public Works, under long leases providing for escalations at or exceeding 8% per annum.
- The office portfolio represents a sovereign underpin to a substantial portion of the earnings of Rebosis, shielding it from private sector risks of tenant insolvency and default. Arms-length rentals, long duration to expiry of the current leases and the locations of the buildings in government office nodes minimise the rent reversion risks which are currently prevalent in the private sector.