Founder and CEO of Rebosis Property Fund, Dr Sisa Ngebulana, has announced his retirement as CEO and from the company’s board with effect from the 1st of December 2021. He will remain a significant shareholder.
This follows the REIT’s recent announcement of its plans to dispose of its commercial office portfolio for R6.32 billion.
Otis Tshabalala, the current COO of SA Corporate Real Estate (who recently announced his resignation) will be appointed as Rebosis’ CEO with effect from the 1st of December 2021.
In a SENS announcement, the board thanked Dr Ngebulana for positioning Rebosis as a retail focused fund, valued R7.5 billion, comprising of 5 dominant retail malls and 3 office / retail / other assets with a strong balance sheet and loan-to-value ratio of approximately 42%.
Dr Anna Mokgokong, Chairman of Rebosis commented: “We wish to thank Dr Ngebulana for his unwavering commitment and dedication in turning Rebosis around and repositioning the company for growth with a solid balance sheet and asset base. We wish him the very best with his future endeavours and look forward to interacting with him as a shareholder going forward”.
“I wish to thank the board, shareholders and my team for their ongoing commitment and support as we negotiated very tough times together” commented Dr Ngebulana.
“I wish Otis the very best and have no doubt that he will do well. Post the implementation of the disposal transaction, Rebosis should be able to resume paying distributions and under Otis’ leadership will pursue growth opportunities over time”.
“I will remain a passive, significant shareholder as I continue to have confidence in the people, assets and future of Rebosis.”
To ensure a smooth handover to the incumbent CEO, Dr Ngebulana will continue in a consulting capacity until the end of May 2022.