JSE-listed Rebosis, which is in business rescue, has entered into a portfolio sale agreement between Phahlani Lincoln Mkhomo and Jacques du Toit in their capacity as the duly appointed joint business rescue practitioners (BRPs) of Rebosis subsidiary Ascension Properties to sell a portfolio of ten office properties, together with the rental enterprises conducted thereon, for R650-million.
This is in line with a business rescue plan that was published in March.
The properties, which are valued at R1.07-billion and located in Gauteng, Mpumalanga and the Western Cape, will be sold to Hemipac.
The transaction is expected to close by the end of February 2024.
The proceeds of the disposal will be used to reduce the existing indebtedness of the Rebosis group.