select
|

Atterbury eyes expansion into Africa

Atterbury has concluded its second major African property transaction. With Sanlam it has acquired an 85% stake in Ghana’s first A-grade shopping centre, the 20,000sqm Accra Mall, which is valued some $65 million.

The remaining 15% is held by family members of the late Joseph Owusu Akyaw, the original founder of Accra Mall.

The transaction follows the development of Atterbury’s 39,000sqm Bagatelle - Mall of Mauritius, which opened in September 2011.

It also confirms the leading South African property investment and development company has its sights firmly set on African the market.

Atterbury is also, in conjunction with the Social Security National Insurance Trust of Ghana (SSNIT), developing the 27,300sqm West Hills retail development in Accra. Atterbury is also engaged in a mixed-use hotel, retail and office development in Lusaka, Zambia. It has also acquired Aurecon’s 2,200sqm Luanda, Angola head office.

James Ehlers, MD of Atterbury Property Development says: “Right now, there’s a window of opportunity to expand into this growing market. Our purchase of the lead stake in the Accra Mall meets our investment criteria and furthers Atterbury’s goals of providing excellent total returns to investors. It also helps achieve a healthy measure of international geographic diversification in our portfolio.”

Ehlers reports that Atterbury is targeting retail opportunities and commercial properties connected to retail nodes. This includes both new developments and properties for refurbishment.

“Our model of partnering with local expertise has proved effective. Atterbury will continue to join forces with local partners with knowledge in African trade and financing, while contributing its own property expertise,” explains Ehlers

In fact, Atterbury Africa Limited has been established for this precise purpose. Atterbury Investment Holdings has a strategic investment in this African venture, which furthers its goal of geographic diversification in sub-Saharan Africa.

“Over the next five to seven years, various investors will partner with Atterbury as developer to build a portfolio of prized retail and commercial property assets in Africa,” says Renier Van Rensburg, CFO of Atterbury Africa Limited.

Immediately, Atterbury plans an expansion and minor changes to the Accra Mall, originally developed in 2007 with SA retailers Shoprite, Game, Mr Price, Truworths, Woodin, Vlisco, Puma, Rhapsody’s, TM Lewin and Foods Inn as well as Ghanaian retailers such as Body Basics, Dalex Finance, Enda, Exotic Trendz, Eye Emporium, Felipaul, Gipsey Interiors, Kiki Clothing, Nallem Clothing and Say Cheers.

Atterbury Asset Managers is tasked with the asset management of the Accra Mall, and according to Lucille Louw, Managing Director Atterbury Asset Managers, Atterbury plans to optimise returns from this investment.

Atterbury is also pursuing several other African opportunities which, it reports, are close to completion.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK