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Response to Carte Blanche episode on property devaluations at City of Johannesburg
REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/003468/06)
JSE share code: REB ISIN: ZAE000201687
(Approved as a REIT by the JSE)
(“the company”)
RESPONSE TO CARTE BLANCHE EPISODE ON PROPERTY DEVALUATIONS AT CITY OF JOHANNESBURG
Shareholders are referred to an episode on property devaluations aired by Carte Blanche on the evening of
13 November 2016.
This programme insinuated illegal council devaluations of certain properties and made specific reference to the company,
creating an impression that Rebosis was involved in these alleged practices.
At the outset the company wants to make it clear that Rebosis stands against all and any form of corruption and encourages
authorities to expose and deal with such as it corrodes the country and those found guilty must be dealt with accordingly.
These allegations are completely unfounded and misleading.
Carte Blanche engaged with Rebosis on 27 October 2016 on the matter and the company duly responded in detail on the
29 October 2016. This correspondence as well as supporting documentation is available and published on the Rebosis
website.
In 2013, following significant and unrealistic increases in property valuations from the City of Johannesburg, Rebosis
appointed Hirsuflo Trading as an independent valuations’ consultant to deal with the valuations’ process.
Rebosis does not engage directly with council valuers but utilises valuers and specialised consultants to object to council(s)
unilateral increases in valuations each year. This process commences with council valuers and failing resolution it runs
through to their independent valuations’ appeal board consisting of 10 (ten) members, including 7 (seven) independent
members.
Of the four properties mentioned by Carte Blanche, the company’s independent valuers objected to three properties in
respect of the valuations, and one property in respect of rezoning from residential to commercial (Erf 4767) resulting in an
increase in the valuation.
Two of the objections were not successful and the process went through to the valuations’ appeal board and adjustments
were made as per the detailed response that is available and published on the Rebosis website. Hirsuflo provided the
company with all official objection numbers and official appeal numbers. (Refer table below.)
All these objection and appeal numbers are logged and exist in the City of Johannesburg System for the period July 2013 to
March 2015.
CoJ
Original CoJ valuations Final Difference
valuations role increases valuations between June
as at effected Objection Appeal post appeal 2013 & final
Erf June 2013 1 July 2013 number Intervention number board ruling valuations
4767 R5 750 000 R20 600 000 No Rezoning from No R20 600 000 R14 850 000
objection Resi to appeal
Commercial
1271 R37 432 500 R132 200 000 OBJ- Appeal lodged 4637 R92 500 000 R55 067 500
Harrison 257213
Str
4442 R23 000 000 R79 600 000 OBJ- Appeal lodged 4639 R52 000 000 R29 000 000
266431
5145 R68 890 000 R152 200 000 SUP3-404 Supplementary No R44 700 000 (R24 190 000)
Braamfon objection won appeal
tein
R135 072 500 R209 800 000 R74 727 500
It is important to note that the difference from the original City of Johannesburg valuations dated June 2013 is actually
R74 727 500 higher, which equates to a 55% increase in value (R135 072 500 to R209 800 000).
The company’s response to Carte Blanche (which information Carte Blanche conveniently ignored) stated that Erf Selby
South Ext 1 increased in valuation from R0 to R120 million, which was the purchase price.
The company’s valuers have received official notification yesterday that the valuation increased from zero to R58.4 million,
following the Carte Blanche airing.
With regard to Erf Selby South Ext 1 Rebosis did not receive any correspondence from the municipality regarding the rates
accounts for a period of time. When Rebosis informed the municipality that the company was not receiving rates accounts
the municipality discovered that the erf was not on its records.
Further, as a pre-caution, not only does Rebosis utilise consultants with good credentials, the company also requires
consultants to sign an indemnity whereby they undertake and warrant not to bribe nor solicit undue favour from any council
officials in rendering their duties, same is available and published on the Rebosis website for shareholders’ information
dated 03 September 2015. This is over and above the consultant’s mandate and has become standard practise for Rebosis as
a public entity in utilising external consultants.
Rebosis will be taking this matter up with the Mayor of Johannesburg and all other role players concerned and is engaging
further with Carte Blanche, reserving all the company’s rights, in particular the company’s right to lodge a complaint with
the Broadcasting Complaints Commission.
By order
The Board
15 November 2016
Sponsor
Java Capital
Communications Advisor
Instinctif Partners +27 (0) 11 447 3030
Morne Reinders +27 (0) 82 325 1810
Tshepo Mophiring +27 (0) 82 610 1156
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