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JOHANNESBURG - Rebosis Property Fund, the JSE-listed black-managed and significantly black-owned real estate investment trust (Reit), has concluded a big empowerment transaction valued at R917 million. 

In terms of an agreement reached with a 100% black-owned broad-based black economic empowerment (BBBEE) consortium chaired by Nkosi-Yawo Gugushe, Rebosis will dispose of a 31.6% stake in listed New Frontier Properties at R19 a share. 

New Frontier Properties, a UK retail income fund with a dual primary listing on the Stock Exchange of Mauritius and the Alternative Exchange of the Johannesburg Stock Exchange, owns three centrally located out-of-London retail centres independently valued at a total of £272.85m (R4.56billion). 

Rebosis has advanced a loan to the empowerment special purpose vehicle to enable it to fund the acquisition of the shareholding in New Frontier. 

It is payable over an initial five-year term, but may be extended. The loan is in the form of risk capital to the transaction. Shares in Rebosis remained unchanged on Friday to close at R10.90.