Attacq subsidiary acquires remaining 20% stake in Mall of Africa
JSE-listed real estate investment trust (Reit) Attacq’s 70% held subsidiary, Attacq Waterfall Investment Company (AWIC), has acquired the remaining 20% stake in Mall of Africa from the Atterbury Group.
AWIC already held an 80% stake in the asset.
Attacq describes the Mall of Africa as one of South Africa’s leading super-regional malls across all performance metrics.
It notes that the mall anchors Waterfall City – a growing, large-scale mixed-use precinct encompassing residential, logistics and collaboration hubs, as well as two strongly performing hotels, all of which provide high volumes of quality foot traffic to the mall.
As of December 31, 2023, the mall’s compounded yearly trading density growth over the past three years was 16.1%, while its rent-to-turnover ratio was healthy at 7.5%.
Going forward, Attacq says the mall also stands to benefit from the continued densification of Waterfall City as AWIC rolls out its development pipeline of residential, logistics and collaboration hubs.
“We are delighted to announce this transaction as the Mall of Africa is undoubtedly one of Attacq’s flagship retail assets. As Waterfall City continues to densify, sole ownership of the mall will allow control over the asset in influencing growth and trade, and we aim for Mall of Africa to remain one of South Africa’s top-performing super-regional malls.
“Furthermore, in March, we indicated to the market during our interim results presentation that we would look to acquire key assets after disposing of the group’s MAS shares and this transaction demonstrates our commitment to delivering against what we had promised,” says Attacq CEO Jackie van Niekerk.
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