JSE-listed real estate investment trust (Reit) Rebosis Property Fund has announced that CEO and founder Dr Sisa Ngebulana will step down and retire with effect from December 1 when Otis Tshabalala’s term as CEO will start.
Ngebulana positioned the business as a retail-focused fund valued at R7.5-billion, comprising five dominant retail malls and three office/retail/other assets with a strong balance sheet and a loan-to-value (LTV) ratio of about 42%, as well as with enviable property assets which are of a superior quality and that are well looked after internally.
Further, he helped to ensure the company has experienced and highly skilled management teams with depth and deep knowledge of the business and is on a sound footing with systems, processes and well-defined accountability and reporting structures, as well as the ability to resume dividend payments to shareholders, the Rebosis board said.
Ngebulana has 29 years of experience in the property sector. He is
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