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. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
The seller is held by both Atterbury Property Holdings Proprietary Limited and Atterbury Property Proprietary Limited.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
It has recommended that the Competition Tribunal unconditionally approve the proposed transaction. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
The investment forms part of Attacq’s intention to invest in precincts that it owns and controls. <\/p>\n\n\n\n
Mall of Africa is the business mall in South Africa in terms of visits and mall durations (counting per visiting vehicle)<\/a> and anchors Waterfall City. <\/p>\n\n\n\n Attacq previously said that the mall is profiting from Waterfall City’s continued densification as the AWIC continues to develop residential and logistics hubs.<\/p>\n\n\n\n