Attacq has benefitted from the sale of a significant stake in its prime development, Waterfall City, by settling billions in debt. <\/p>\n\n\n\n
In its financial results for the year ended 30 June 2024, Attacq highlighted several key transactions throughout the last year. <\/p>\n\n\n\n
Most notably, in July 2023, Attacq, Attacq Waterfall Investment Company (AWIC), and the Government Employee Pension Fund were interested in a transaction where the GEPF would acquire a 30% shareholding in AWIC for R2.7 billion. <\/p>\n\n\n\n
This would see the GEPF acquiring new shares and existing issued shares from Attacq. Attacq would also dispose of 30% of its existing shareholder loan.\u00a0<\/p>\n\n\n\n
The final condition precedent was fulfilled on 18 September 2023, with Attacq shareholders approving the deal at the annual general meeting.\u00a0<\/p>\n\n\n\n
\u201cThe audit and risk committee (ARC) reviewed and interrogated the impact of the transaction, including the transactive reserve and noncontrolling interest reserve as a result of it, and concluded that the amount thereof was fairly stated and in accordance with the accounting policy.\u201d<\/p>\n\n\n\n
For Attacq, as part of the implementation of the GEPF transaction, the group settled R2.9 billion in interest-bearing borrowing and refinanced a further R4.1 billion in interest-bearing borrowings at reduced margins.<\/strong><\/p>\n\n\n\n Waterfall City is a mixed-use development in northern Johannesburg. It features South Africa\u2019s busiest mall, Mall of Africa, residential estates, apartment blocks, office parks, and industrial buildings.<\/p>\n\n\n\n The area is constantly expanding, with developments under construction and an approved pipeline totalling 43,766 square meters of gross lettable area (GLA) at Waterfall City, at a total cost of R1.7 billion. <\/p>\n\n\n\n On top of Mall of Africa and Waterfall City, the group also owns other properties, such as Lynnwood Bridge and the Garden Route Mall. <\/p>\n\n\n\n As per other interesting transactions, the group also increased its shareholding in Waterfall Junction to 50.0%, expanding its logistic development area to 313,791 sqm.\u00a0<\/p>\n\n\n\n The group also acquired the final 20% stake in Mall of Africa for R1.07 billion.\u00a0<\/p>\n\n\n\n It also disposed of its 6.5% investment in property investors in MAS P.L.C (MAS) for a total consideration of R773.1 million.\u00a0<\/p>\n\n\n\n The group also entered into a binding sale agreement to dispose of its Rest of Africa retail investments. Along with Hyprop, the group plans to sell its assets in Nigeria and Ghana for roughly R1 billion.\u00a0<\/p>\n\n\n\n