Rebosis Property Fund has, through its Ascension Properties subsidiary, concluded an agreement with Boxwood Property Investment Fund for the sale of six office buildings for R888-million.
The properties include 14 Long Street, 45 on Castle, Bergstan Building, Matrix Building, Nedbank Building and Rebosis House.
The disposal forms part of the company’s strategy to be a retail-focussed fund and to reduce the company’s gearing in line with the roadmap outlined in its interim results announcement earlier this month.
The proceeds of the disposal will be used to reduce the company’s existing debt.