Ownership shift at South Africa’s busiest mall
Attacq intends to take full control of Mall of Africa in Waterfall City, Johannesburg.
Attacq Waterfall Investment Company Proprietary Limited (AWIC), a subsidiary of Attacq (70%) and the Government Employees Pension Fund (30%), has reached a conditional agreement whereby AWIC will acquire the remaining 20% stake in Mall of Africa.
The seller is held by both Atterbury Property Holdings Proprietary Limited and Atterbury Property Proprietary Limited.
Attacq said that the acquisition aligns with its intention of investing in precincts that it owns and controls.
Mall of Africa anchors Waterfall City and is currently the busiest mall in South Africa in terms of mall visits, data from Lightstone shows.
Attacq said that the mall is benefiting from the continued densification of Waterfall City as the AWIC rolls out development in residential and logistics hubs.
The purchase consideration for the remaining shares of Mall of Africa is R1.07 billion.
With the mall valued at R5.79 billion, the purchase consideration represents a discount of 7.7% from the external market valuation.
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