Morné Wilken, the chief executive of Attacq, confirmed this yesterday, adding that they believe they could use the capital better that it had invested in Africa.
This is a similar view to listed retail property fund Hyprop, which has also invested in these shopping malls and admitted earlier this year there were better opportunities in Eastern Europe than Africa but it was not the right time to sell these assets. Wilken stressed that Attacq would not accept a ridiculous price for its Africa property assets and there was definitely not a “for sale” sign on these investments.
He said Attacq’s rest of Africa retail investments are one of the company’s four value drivers and comprise investments in seven operational malls valued.
They accounted for 4.5percent of the company’s total gross assets of R27.1billion. Attacq’s share of these assets was valued at R1.2bn at end-June after a R100million impairment on these assets.