PROPERTYPROPERTY
New challenge lie ahead for outgoing Rebosis CE Sisa Ngebulana
Departing CEO of Rebosis Property Fund, Sisa Ngebulana, says he chose to step out of his role as CEO and become deputy chairman because he had reached many career goals in the six years he was at the helm. He also wants to "bring a new set of eyes and ideas to Rebosis". Ngebulana established Billion Group, a developer and asset manager, in 2010. Ngebulana listed Rebosis in May 2011. At the time, it was the only black-managed and substantially black-owned publicly traded property fund in SA. At the time of its listing, the Rebosis property portfolio comprised seven properties worth R3.3bn. Hemingways Mall in East London accounted for just less than 44% of the value of the portfolio and there was limited geographic diversification with about 56% of the assets in East London and 41% in Pretoria. Rebosis now has total assets worth about R17.1bn. It also owns exposure to the UK through a majority investment in New Frontier Properties.
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