Rebosis acquires Delta stake in Ascension for cash

Posted On Wednesday, 25 June 2014 12:33 Published by
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Rebosis Property Fund ("Rebosis") that it has acquired Delta Property Fund's ("Delta") entire holding of linked units in Ascension Properties Limited ("Ascension").

Sisa Ngebulana

This transaction constitutes of 28 001 628 Ascension A linked units and 82 575 341 Ascension B linked units, for a price payable in cash of R4,76 per A unit and R2,61 per B unit.

Rebosis Chief Executive, Sisa Ngebulana commented: "We are pleased to announce this transaction which showcases the depth of character of both the Rebosis and Delta teams in finding a solution that is in the best interest of shareholders.

"The additional holding significantly increases our strategic stake in Ascension and follows our acquisition of Ascension's management company in January this year.

"Since we acquired the Ascension management team, we have fully incorporated the former Ascension asset managers into our team. We have to date delivered, in line with management's priorities and company expectations, making excellent progress in significantly reducing vacancies. We are very pleased with the quality of the Ascension assets and are confident that Ascension will deliver according to its forecast and market expectations.

"Ascension is in excellent hands." Ngebulana concluded.

As a mid-cap REIT Rebosis offers investors a unique value proposition. Around R3.2 billion of its portfolio consists of high-growth, regionally dominant retail assets, whilst the balance of the fund comprises mainly single tenanted commercial offices with a sovereign underpin.

Going forward Rebosis intends to continue to act on yield enhancing, strategic consolidation and other pipeline opportunities, building on its strong fundamentals and careful management to grow its distributions and long term capital appreciation for shareholders.

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