Bringing its unique investor proposition to market, Attacq Limited listed on the Main Board of the JSE, under the Real Estate Holdings and Development sector, with the short code “ATT”.
“Listing Attacq will create a foundation to grow the business further. It enables Attacq to access capital efficiently, raise its profile and expand its investor base, all of which should enhance Attacq’s prospects,” said Morne Wilken, chief executive officer of Attacq.
With assets worth 13.35 billion rand, Attacq is one of the largest property companies to list on the Johannesburg Stock Exchange (JSE), with 18 operational properties as well as 10 properties under development, infrastructure and land rights.
The company’s diversified portfolio consists of office, retail, mixed-use, industrial and hotel properties. Amongst its developments is the prime Waterfall Business Estate in Johannesburg as well as the Bagatele Mall in Mauritius.
Attacq was established eight years ago and has delivered a compound annual growth rate to investors exceeding 20 per cent.
The focus for the company will be to reinvest earnings into developments therefore it won’t be listing as a real estate investment trust (REIT), as those funds are required to pay out 75 per cent of its earnings via income distributions. This factor differentiates Attacq from other listed property funds.
“When considering Attacq’s listing, we assessed the investor benefits of various structures, including REITs but, our established structure and business model of delivering sustainable long-term capital appreciation has proven successful and delivered excellent results to our investors,” explained Wilken.
The company, formerly known as Atterbury Investment Holdings, is expected to list at an initial market capitalisation of 8.5 billion rand and will provide investors with the opportunity to invest in the Waterfall Business Estate project, which will host the Mall of Africa, South Africa’s largest single phase shopping mall to date.
Before listing Attacq raised R800 million through an oversubscribed private placement.