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 the founder of Rebosis and served as CEO prior to taking up a nonexecutive deputy chairperson role in October 2017.

“The Rebosis board in April 2018 had requested Ngebulana to again assume the functions of CEO with immediate effect, and he accepted the request, although the board pointed out at the time that this role would not be permanent, but would endure until the company’s balance sheet had been strengthened and a suitable CEO has been appointed,” the board said.

Ngebulana remains a significant shareholder in Rebosis.

“To ensure a smooth handover to the incumbent CEO, Ngebulana will consult to Rebosis until end of May 2022.”

Ngebulana's resignation follows the announcement by Rebosis of the R6.3-billion sale of 32 office assets that will restructure Rebosis’ balance sheet to an acceptable LTV level of 42%..

Rebosis chairperson Dr Anna Mokgokong, on behalf of the board, thanked Ngebulana for his unwavering commitment and dedication in turning Rebosis around and repositioning the company for growth with a solid balance sheet and asset base.

“We wish him the very best with his future endeavours and look forward to interacting with him as a shareholder going forward. On behalf of the board, I would like to welcome Mr Tshabalala to the company. We are delighted with his appointment and look forward to his contribution based on his leadership skills, wealth of experience and knowledge of the sector.”

Tshabalala currently serves as the COO of REIT SA Corporate Real Estate (SAC) and has more than 28 years’ experience in the commercial property sector, with more than 12 years in property finance.

Prior to joining SAC, was a member of the senior management team at JSE-listed Delta Property Fund, where he played an instrumental role in the company’s listing, funding and capital raising before being appointed to Delta’s board of directors as chief investment officer and COO.