PRETORIA – Listed property funds Attacq and Hyprop and unlisted Atterbury Property plan to dispose of a portfolio of six operational retail malls in major African cities with a gross asset value of $637.1 million (R9.5 billion).
Growthpoint Investec African Properties (Giap), one of the new funds management businesses created by listed Growthpoint Properties, has emerged as a potential purchaser of some of the malls, or even the entire portfolio.
The retail assets are largely held in AttAfrica, a Mauritius-based property investment company, and comprise four malls in Ghana and another in Zambia plus the Ikeja City Mall in Lagos, Nigeria, that was jointly owned by Attacq and Hyprop.
Jackie van Niekerk, the chief operating officer of Attacq, confirmed last week that Attacq and its co-shareholders were investigating options to create liquidity in the portfolio.
Van Niekerk subsequently told Business Report that Attacq definitely wanted to exit from the rest of Africa, excluding South Africa, and would not be putting any more funding into building new opportunities on the continent.