Johannesburg - Attacq, previously Atterbury Investment Holdings, plans to list its R12.5 billion commercial and retail property assets on the JSE next month following a private placement that aims to raise R800 million.
Chief executive Morné Wilken said yesterday that the listing would create a foundation to grow the business further by enabling it to access capital efficiently, raise its profile, create more liquidity for its shareholders and expand its investor base, all of which should enhance its prospects. He said Attacq was a capital growth fund and had delivered total return to its shareholders of 20 percent over the past eight years.
He said Attacq would not be making any dividend payments initially because it had a lot of investment opportunities.
Wilken confirmed Attacq had in excess of 400 000m2 under development, of which 264 000m2 related to the Waterfall project on both sides of the N1 between the Allandale and Woodmead turnoffs that would provide the firm with a development pipeline for the next 10 to 15 years. The 116 000m2 Mall of Africa is the anchor to the new Waterfall City, he said.
Attacq’s landmark local assets include Lynnwood Bridge, Brooklyn Bridge, Club 1 and Glenfair Boulevard, all in Pretoria; Woodmead North Office Park in Waterfall; and Garden Route Mall in George.
Attacq holds 81.95 percent of Attacq Retail Fund, which is invested in retail properties, including Mooirivier Mall in Potchefstroom, Eikestad Mall in Stellenbosch, and 25 percent of Brooklyn Mall in Pretoria.
The African portfolio includes Bagatelle Mall of Mauritius, and an effective 32.5 percent stake in Atterbury Africa, a joint venture partnership with listed Hyprop Investments and Atterbury Property Holdings, that invests in retail centres and developments across sub-Saharan Africa.
It is internationally diversified through MAS, with a primary listing on the Euro MTF market of the Luxembourg Stock Exchange, and a secondary listing on the JSE’s AltX. MAS has investments in Germany, Switzerland and the UK.
Its local property investments are diversified across office, retail, mixed-use, industrial and hotels. Wilken said its portfolio strategy was to hold 65 percent investments and 35 percent developments.
Its long-term strategy was to achieve an optimal portfolio balance of 70 percent of its assets by value locally, 20 percent in other African countries and 10 percent outside Africa.
Subject to regulatory approvals, it was anticipated Attacq would list on October 14.
Andrew Brooking of Java Capital, Attacq’s corporate advisers, said the initial public offer would raise up to R800m with the price a share settled by a book build, with an indicative price for investment purposes of R15 a share.
He said the offer was a private placement that would open on October 7 and close at midday on October 9.
Wilken said Attacq had about 570 shareholders. The three major ones are Mertech Foundation, a charity established by Atterbury founder Francois van Niekerk, Sanlam, and Royal Bafokeng Holdings. - Business Report