Attacq, the JSE-listed REIT and strategic development partner in Waterfall City, said yesterday that its 70% held subsidiary, Attacq Waterfall Investment Company (AWIC) had acquired the remaining 20% stake in Mall of Africa for R1.07 billion from the Atterbury Group. AWIC currently holds an 80% stake in the asset.
The Mall of Africa is one of South Africa’s leading super regional malls and 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 at December 31, 2023, the mall’s compounded annual trading density growth over the past three years was 16.1%, whilst its rent to turnover ratio was healthy at 7.5%. Going forward, the mall will also benefit from the continued densification of Waterfall City, as AWIC rolls out its development pipeline of residential, logistics and collaboration hubs.
Attacq CEO Jackie van Niekerk, said: “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 SA’s top-performing super-regional malls.”
She said Attacq had indicated to the market at its last interim results presentation that it would look to acquire key assets after disposing of the Group’s MAS shares.
The Mall of Africa recently celebrated its eighth birthday, and is South Africa's largest shopping mall built in a single phase, with over 130 000 square metres of fully occupied retail space. It features leading international apparel brands and national favourites, and is also home to Attacq’s SOOK Space, an on-demand leasing solution aimed at small business enterprise needs and emerging entrepreneurs.
BUSINESS REPORT