Attacq closes successful R640 million capital raise

Morné Wilken, CEO of Attacq Limited.

Attacq Limited, a JSE-listed capital growth fund invested in a quality portfolio of income-generating commercial real estate assets and a value-creating pipeline of property developments, successfully closed a R640 million capital raising yesterday.

Originally seeking to raise capital of around R500 million through an accelerated bookbuild, strong demand resulted in increasing the capital raise to R640 million through the placing of 29,629,630 shares at a price of R21.60 per share.

The R640 million was raised to allow Attacq the ability to acquire the remaining 18.8 % of its key asset, the Waterfall pipeline, and take full control of the strategic planning of Waterfall, including the roll out of its infrastructure. This strategy has been formulated jointly with Atterbury, which is increasing its deployment of development capacity in other markets including Central and Eastern Europe, a direction which supports Attacq’s diversification strategy.

Atterbury’s exclusive right as developer of Waterfall will also be amended to allow Attacq the option to partner with other developers as a means of accelerating the Waterfall development. This will come into effect as from 2018. Atterbury will still retain a 20% undivided interest in the Mall of Africa, Waterfall’s super-regional mall opening in April 2016.

In keeping with the continuing strategic relationship between Attacq and Atterbury, Attacq has secured a pre-emptive right for defined material developments to be undertaken by Atterbury, locally and internationally, ensuring Attacq’s continued access to Atterbury’s development pipeline.

Morné Wilken, CEO of Attacq, comments: “The excellent result of Attacq’s capital raising reflects a healthy appetite in the market for Attacq shares and demonstrates strong support for our strategic direction.”