Vukile buys three shopping centres from Rebosis for R1.8bn
JSE-listed Rebosis Property will sell three properties to JSE-listed Vukile Property Fund for R1.8-billion.
The properties are Mdantsane City shopping centre, Sunnypark shopping centre and Bloedstreet Mall.
Rebosis will use the proceeds to reduce its existing debt.
The companies expect to conclude the transaction by August 31.
Rebosis said in a statement on Monday that the disposals were in line with the company’s intention to reduce its loan-to-value ratio, which it said was important to achieve a lower cost of funding, an improved credit rating and a stronger balance sheet, all of which should return market confidence in Rebosis.
The real estate investment trust (Reit) has experienced delays in the planned disposals of its office portfolio, as funding the acquisition of office properties relies on tenants’ long-term leases, which have been taking longer than expected to renew.
Meanwhile, Vukile stated that the acquisition of the shopping centres was in line with its strategy of being a high-quality, low-risk retail-focused Reit operating in South Africa and Spain.
“The acquisitions are consistent with our South African focus on mid-to-low living standards measure shopping centres in the country’s townships and urban areas.”
Mdantsane City is located in one of the largest townships in South Africa, with more than 90 shops, of which Shoprite, Pick n Pay and Cashbuild are anchor tenants.
Bloedstreet Mall is situated in central Pretoria and is anchored by Game, Superspar and Usave.
Sunnypark shopping centre is situated in Pretoria and is anchored by a Virgin Active gym, Woolworths, Checkers, Mr Price, Truworths and Foschini.
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