Rebosis Property Fund’s business rescue practitioners (BRPs) are to sell 10 of the stricken group’s office properties to Hemipac Investments for R650m.

Business Day report notes the properties are three vacant and six multi-tenanted buildings and a single occupied one in Cape Town, Johannesburg, Mbombela and Pretoria.

Sale proceeds will be used to reduce the group’s debt. The transfer date is expected to be February 2024.

The transaction does not require shareholder approval since the real estate investment trust is in business rescue.

Phahlani Mkhombo of Genesis Corporate Solutions and Jacques du Toit of DTB Business Rescue were appointed on 31 August 2022 to manage the business rescue process.

The BRPs started with the registration of Rebosis assets for sale on 6 April this year.

On 23 August, they announced that 27 properties, including five shopping centres, offices and a student accommodation building in Mahikeng, will be sold.

Full Business Day report