We have investigated the magnetic ordering of the frustrated fcc antiferromagnet HoB12. Below TN 7.4K antiferromagnetic order and a complex phase diagram is observed. Above TN neutron scattering experiments show strong diffuse scattering. The diffuse signal indicates strong correlations between the rare earth moments along the [111] direction well above TN. The behavior of this component resembles low dimensional magnets which are known to show long range order only at T 0. Close to TN correlations perpendicular to the [111] direction get relevant, they diverge towards TN. Thus we observe a complex ordering process where the frustration is lifted in steps. The experimental data and their interpretation is presented, some of the possible microscopic origins are discusse