Attacq NAVPS up 19.9% since JSE listing - CNBC Africa

Attacq NAVPS up 19.9% since JSE listing


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Mall of Africa, Waterfall City. PHOTO: Atterbury

NAVPS of 12.89 rand for the six months ended 31 December 2013 was 19.9 percent higher than the 10.75 for the comparative period in 2012.

“Growth in NAVPS was impacted by the 29.2 percent increase in the number of issued shares,” said [DATA ATT:Attacq Limited.], a South African based capital growth property company, in a statement.

(READ MORE: Attacq lists on the JSE today)

The group’s total asset value has grown to 15 billion rand, which includes landmark commercial and retail property asset and developments. Its portfolio consists of properties in South Africa, sub-Saharan Africa, and has exposure to investments in Germany, Switzerland and the United Kingdom through a stake in international real estate investments company, MAS Real Estate.

Attacq also acquired a 1.2 percent stake in South Africa’s Atterbury Waterfall Investment Company (AWIC) during the period through the issuing of new Attacq shares at a price of 11.96 rand, totalling 13.5 billion rand.

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Their net rental income increased by 31.6 percent, which was driven by a 17.4 percent growth in rental income and a 1.8 percent decrease in property expenses.

“Excluding the new AWIC properties that came on stream during 2013, on a like-for-like basis revenue increased by 7 percent and the decrease in expenses was primarily driven by savings from the internalisation of the asset and property manager. On a net basis, the property cost to rental income ratio improved to 19.6 percent,” continued the statement.

The group’s overall portfolio vacancies decreased by 14 334 square metres since June 2013 due to the sale of Atterbury House Sanridge Square during the period.

Office vacancies deteriorated slightly due to the number of vacancies available in their Maxwell Office Park buildings located in Johannesburg, which were fully constructed by December 2013 as well as the completion of the Mill Square offices.

Retail vacancies however increased slightly, which was driven by non-renewals of tenants in their regional retail portfolio.

Attacq’s investment in property group, Atterbury Africa, has risen from 250 million rand to 333 million rand while their investment partner,[DATA HYP:Hyprop Investments Ltd.], also increased their commitment from 750 million rand to one billion rand.   

(READ MORE: Hyprop and Attacq to acquire African land shares)

“As at 31 December 2013,  Attacq’s investment in Atterbury Africa totalled 193.5 million rand,” added the group.

“Attacq’s focus remains on the ongoing roll out of Waterfall, the successful completion of its existing development pipeline and the implementation of its diversification strategy into African and international markets.”