Attacq Limited, a REIT listed on the JSE under the code ATT and ISIN ZAE000177218, has finalized the acquisition of the remaining 20% stake in the Mall of Africa. This strategic move consolidates Attacq’s ownership to 100% of the prominent property.
Transaction Details
On May 7, 2024, Attacq announced a conditional agreement through its subsidiary, Attacq Waterfall Investment Company Proprietary Limited (AWIC), to acquire the 20% share from Att MOA 20 Proprietary Limited. The transaction pertains to leasehold rights and rental enterprises related to the Mall of Africa.
Regulatory Approval
The transaction received unconditional merger approval from the Competition Authorities, marking a significant milestone. All conditions necessary for the transaction’s completion have been met.
Successful Completion of Transfer
Today, on June 28, 2024, Attacq confirmed the successful registration of the property transfer. This milestone positions Attacq as the sole owner of the Mall of Africa.
Strategic Implications
By achieving full ownership of the Mall of Africa, Attacq enhances its portfolio strength and operational control over one of Africa’s largest retail properties. This acquisition underscores Attacq’s commitment to strategic growth and maximizing shareholder value.
Financial Impact
The acquisition is expected to bolster Attacq’s revenue streams and enhance its earnings per share in the upcoming fiscal periods. Financial projections indicate positive implications from consolidating full ownership.
Market Reaction
Investor sentiment towards Attacq is likely to reflect positively following the completion of this acquisition, demonstrating confidence in the company’s strategic direction and growth prospects.
Conclusion
Attacq’s acquisition of the remaining stake in the Mall of Africa represents a significant achievement in its growth strategy. The successful completion of this transaction reinforces Attacq’s position as a leading REIT in the South African market, poised for continued expansion and value creation.