Attacq Limited has announced that its 70% held subsidiary, Attacq Waterfall Investment Company (AWIC) has acquired the remaining 20% stake in Mall of Africa from the Atterbury Group. AWIC currently holds an 80% stake in the asset.
Opened in 2016, the super-regional mall boasts over 130 000m2 of fully occupied retail space, anchoring Waterfall City. As at 31 December 2023, its compounded annual trading density growth over the past three years was 16.1% while its rent to turnover ratio was at 7.5%.
“We are delighted to announce this transaction as the Mall of Africa is undoubtedly one of Attacq’s flagship retail assets. 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. Furthermore, in March we indicated to the market during our interim results presentation that we would look to acquire key assets after disposing of the Group’s MAS shares and this transaction demonstrates our commitment to delivering against what we had promised,” comments CEO of Attacq Limited, Jackie van Niekerk.
