Ownership shift for South Africa’s busiest mall gets the nod

 ·13 Jun 2024

The Competition Commission has given the green light to Attacq Waterfall Investment Company Proprietary Limited (AWIC) ‘s proposed R1.07 billion purchase of the remaining 20% of Mall of Africa.

AWIC, a subsidiary of Attacq (70%) and the Government Employees Pension Fund (30%), plans to acquire the remaining 20% of Mall of Africa’s stake that it does not already own.

The seller is held by both Atterbury Property Holdings Proprietary Limited and Atterbury Property Proprietary Limited.

The Commission said that the proposed transaction is unlikely to substantially lessen or prevent competition in any market and does not raise public interest concerns.

It has recommended that the Competition Tribunal unconditionally approve the proposed transaction.

Attacq previously said that the mall is valued at R5.79 billion, with purchase consideration representing a discount of 7.7% from the external market valuation.

The investment forms part of Attacq’s intention to invest in precincts that it owns and controls.

Mall of Africa is the business mall in South Africa in terms of visits and mall durations (counting per visiting vehicle) and anchors Waterfall City.

Attacq previously said that the mall is profiting from Waterfall City’s continued densification as the AWIC continues to develop residential and logistics hubs.

Read: Interest rate pain for South Africa to stick around

Show comments
Subscribe to our daily newsletter