In terms of the announcement, Rebosis concluded a binding heads of agreement with Billion Group, wholly owned by the Amatolo Family Trust, which will result in Rebosis acquiring 100% of Baywest City (the largest shopping mall in the Eastern Cape); Forest Hill City (a large, regional shopping mall that dominates in Monavoni, Centurion, in Gauteng), as well as a 50.1% interest in BT Ngebs City, the largest and dominant shopping mall in Mthatha and the fourth-largest mall in the Eastern Cape).
In addition, Rebosis will acquire Billion Asset Managers as well as Billion Property Services, effectively internalising the asset management and property management companies of the group.
Rebosis chief financial officer Kameel Keshav said: "Transactions of this nature are very rare. These are very large, dominant regional shopping centres that will significantly increase our scale and liquidity, as well as the quality of the overall portfolio.
"The acquisition represents a watershed moment in Rebosis's history, that will see the company's total assets under management grow to R18.6bn and, at our current share price, raise our market capitalisation to around R8.3bn.
Source: BDpro
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