Atterbury and Attacq in Joint Europe Shopping Mall Ventures

Cape Times (South Africa), July 31, 2015 | Go to article overview

Atterbury and Attacq in Joint Europe Shopping Mall Ventures


BYLINE: Roy Cokayne

ATTERBURY Europe, a new partnership between the South African-based Atterbury Group and a group of European partners, with JSE-listed real estate capital growth fund Attacq has acquired two shopping centres in Cyprus for e200 million (R2.77 billion).

Attacq confirmed yesterday that it had acquired a 48.75 percent stake in two leading shopping centres in the capital of Cyprus, Nicosia.

Morne Wilken, the chief executive of Attacq, said the acquisition of these two malls in Cyprus jointly with Atterbury Europe supported Attacq's diversification strategy into Europe.

Attractive

"What makes Cyprus so attractive is that it is a market that has remained untapped by other international property development businesses. Atterbury Europe, together with Attacq as co-investors, have managed to get in at the bottom of the market, resulting in an excellent opportunity for upside benefit," he said.

Atterbury Europe is also investigating further retail opportunities in Serbia. It was incorporated in the Netherlands and would focus on shopping centre investments and retail development opportunities primarily in Eastern Europe and partner with Attacq to tap into this market.

Louis van der Watt, the chief executive of the Atterbury Group, said yesterday that Atterbury Europe had acquired the Mall of Cyprus and the Mall of Engomi, both in Nicosia.

Van der Watt said the deal was finalised a week ago and the centres acquired from ITTL Trade, Tourist and Leisure Park and Woolworths Commercial Centre, both of which were listed on the Cyprus Stock Exchange.

Raoul de Villiers, the managing director of Atterbury Europe, who will be relocating to the company's offices in Vienna in Austria next month, said Atterbury Europe together with Attacq owned more than 99 percent of both companies, which would "remain listed for now". …

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