Once the darling of black owned and managed property companies, the company's management has its work cut out to win back investors
Once the darling of black-owned and managed property companies, the company's management has its work cut out to win back investorsRebosis Property Fund, which in 2011 became the first black-managed and substantially black-held property company to list on the JSE, has seen its share price plunge nearly 81% in a year.
Mazwai had wanted to change the company’s direction so that it would own higher quality offices, retail and also try to take over Texton Property Fund. This was very different from Ngebulana’s strategy of becoming a retail-focused fund. Ngebulana returned to the helm a month after Mazwai’s departure and has been selling Rebosis’s office assets since.
Rebosis owns six shopping centres worth R8.1bn, including Baywest in Port Elizabeth, Forest Hill in Centurion and Hemingways Mall in East London. New Frontier has been struggling with some of the tenants at its malls having gone into administration. It has also breached debt covenants.
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