Attacq to Focus on Income Distribution

Cape Times (South Africa), June 14, 2017 | Go to article overview

Attacq to Focus on Income Distribution


ATTACQ, the listed capital-growth property company, has decided to transition to a real estate investment trust (Reit) focused on distributions and distribution growth.

Morne Wilken, the chief executive of Attacq, said yesterday that, subject to the approval of the JSE and receiving Reit status for its financial year starting on July 1 next year, Attacq's strategy would include income distribution.

Melt Hamman, the chief financial officer of Attacq, said that, before it becomes a Reit and for its financial year to June next year, Attacq would adopt a dividend policy in terms of which it would distribute its available funds.

Hamman said Attacq was targeting a maiden dividend payment of 73c a share from its existing portfolio and its investment in MAS Real Estate for the year to June next year, with 20-percent growth a year for the three years thereafter.

Wilken said that since Attacq had listed on the JSE in October 2013 it has grown its assets by 80 percent, from R15.1 billion to R27.1 billion.

Since listing it has completed 32 developments, including the Mall of Africa and 25 other developments in Waterfall in Midrand, to add 434 154mA[sup.2] of gross lettable area to its portfolio.

"It is now appropriate for Attacq to re-position itself and adopt a strategy which includes income distribution," he said.

Hamman said the repositioning to achieve Reit status was under way and included the reduction of debt facilities using the proceeds from the disposal of Attacq's Central and Eastern European investments, the optimisation of its balance sheet, and the sale of certain non-core assets, with the proceeds deployed to enhance sustainable and growing distributable earnings. …

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