Attacq posts 24% rise in NAVPS in first year on JSE
Johannesburg, 30 September, Bizews
Attacq's gearing reduced to 34% at 30 June 2014 and 63% of its total external interest-bearing debt was fixed.
During the year, Attacq, which has a 25% interest in development group Atterbury Holdings, delivered on all 14 transactions spelt out in its pre-listing prospectus – including securing full ownership of Brooklyn Bridge Office Park in Pretoria, and buying out the minorities in its regional shopping centres.
The company also completed five buildings in the prestigious Waterfall development – increasing its gross assets by 44.5% to over R18.4 billion in the process.
Morne Wilken, CEO of Attacq said: "We had a very exciting financial year and delivered exceptional results, over and above adapting to the listed environment. We internalised the asset management, sold down on our non–core assets at a premium to NAV, and simplified our structure. We further consolidated our international portfolio with an increased shareholding of 47,2% in MAS Real Estate Inc."
Progressing its international investment strategy after the close of its half-year period, Attacq followed its rights and invested R1.3 billion in the MAS private placement in order to maintain its stake in the enlarged issued share capital of MAS.
The additional capital raised by MAS will allow it to act on further income-generating investment opportunities and fast-track its development pipeline.
During the year, Attacq boosted its effective shareholding in Attacq Waterfall Investment Company, which holds the development rights in the prestigious Waterfall Estate, to 85,9% , and broke ground on the largest single-phase mall in South Africa, the Mall of Africa.
Looking ahead, Wilken says: "We are well positioned to move forward and benefit from exciting opportunities in our portfolio and development pipeline. We believe the 15 year pipeline which Waterfall offers is a game changer considering its perfect positioning between Johannesburg and Pretoria, with the exciting Waterfall City, potentially the new CBD of Gauteng.
"As a capital growth fund we are in an ideal position to take a long-term investment view which is well suited to property as a long-term asset."
Wilken confirms that Attacq's operational focus remains achieving sustainable capital growth for shareholders through the ongoing roll out of Waterfall City, the successful completion of its existing development pipeline, and the implementation of its diversification strategy into African and international markets.