Rebosis Property Fund has received strong interest in the registration of its Public Sales Process which opened on the 6th of April 2023. This follows the overwhelming support for the amended Business Rescue Plan by independent creditors representing 100% of the voting interests and R8.7 billion in value.
“Rebosis has some unique and dominant shopping centres, especially in the Eastern Cape. To date, we have received interest from various listed and non-listed funds for some of the assets on the retail side,” said Rebosis CEO, Otis Tshabalala.
“The response on our portfolio of government-tenanted commercial offices has thus far attracted significant interest from some noteworthy unlisted property funds, and seasoned property entrepreneurs in this space.”
According to Jacques du Toit, on behalf of DTB Business Rescue as Joint Business Rescue Practitioners of Rebosis, prospective participants need to send a registration email to email@example.com and they will need to complete a non-disclosure agreement as well as pay a non-refundable participation fee of R5 000 excluding VAT in order to register.
On successful completion of registration, participants will receive am email confirmation and access to a virtual data room with all information necessary in order for them to submit an expression of interest letter, which must be received on or before the 9th of May 2023.
“We introduced a non-refundable fee to limit the number of potential frivolous applications but kept the threshold to a minimum to ensure we attract as many potential buyers as possible,” he said.
Participants may also be given the opportunity to attend optional site visits of the sale properties that are not accessible to the public. This will be facilitated by the Business Rescue Practitioners and Rebosis and it is subject to tenant consent.
“The Business Rescue Practitioners and secured creditors will consider and evaluate all expressions of interest received and select preferred bidders who will be invited to progress with the public sales process. We expect to inform the Preferred bidders of their selection by the 12th of May 2023,” commented Phahlani Mkhombo on behalf of Genesis Corporate Solutions as Joint Business Rescue Practitioner of Rebosis.
Preferred bidders will subsequently be granted access to additional information via the virtual data room for purposes of their respective due diligence investigations of the sale properties. Bidders wishing to proceed to make a binding offer in respect of any of the sale properties will be required to submit irrevocable binding offers before the 29th of June 2023, alongside proof of funding for the full purchase price contained in the binding offer.
The registration process will close on the 28th of April 2023 unless extended and interested parties are encouraged to register via firstname.lastname@example.org or to directly contact the fund. Prospective participants who submitted their details during the 11th and 12th of April 2023 are however encouraged to re-send any registration emails if they have not received a response from the above email address, following a technical problem experienced during that time.