Atterbury Group

featur

e

A T T E R B U R Y g R o U p

2 www.southafricamag.com

Having concluded its second major African property transaction, the atterbury Group

is looking forward to an exciting 2013.

By Ian Armitage

M o v I n g I n T o

T he Atterbury Group is a property investment and development company that develops and/or

owns upmarket offices, regional shopping centres, residential ‘lifestyle’ estates, industrial parks and leisure developments.

It has built up a dominant position in South Africa (its most famous project is the Waterfall Development in Joburg) and according to marketing manager Zahn Hulme, who talked with South Africa Magazine in 2011, and has since left the company, the Group “focuses on two key areas” – property and investment.

“We have been active since 1994 and have built up a sound reputation for delivering award-winning real estate across all commercial property sectors,” she said.

Atterbury is a little bit different to most. It takes on both Greenfield and Brownfield projects with the objective of developing “A-Grade” business and commercial nodes. Property means something different to them; according to Hulme, “it’s not just about bricks and mortar, blueprints or financial transactions”.

And it has its eyes on Africa.2012 has been quite the eventful

year for the ambitious and fast-moving group, notably seeing the firm conclude its second major African property transaction.

Following the successful development of Bagatelle (the Mall of Mauritius) in 2011, Atterbury acquired an 85 percent stake, together with Sanlam, in Ghana’s Accra Mall, the country’s first A-Grade shopping centre.

atterbury Group focus pRopERTY

3www.southafricamag.com

We have been active since 1994 and

have built up a sound reputation for delivering

award-winning real estate across all commercial

property sectors



Atterbury, which is at the implementation stage, described the achievement as “the culmination of efforts put in over the past few years”.

“Atterbury has enjoyed tremendous local success and is well placed for the future following our first major international venture with the development of the mall of Mauritius,” Hulme told us in 2011, before explaining, “we took a strategic decision to expand into sub-Saharan Africa.”

Ghana represents an attractive investment, with sustained growth potential and political stability.

Atterbury describes those as “prerequisites” to the “bold move” and says that Accra Mall is “fulfilling a regional function” and is “strategically situated in close proximity of established residential and business areas”.

“During the building of a significant property fund, we identified the opportunity in Ghana and we will peruse the development of several other commercial properties in he country,” Atterbury’s ‘Atterbury News’ October 2012 newsletter says. “Atterbury’s strategy is to invest in countries that can accommodate a number of investments instead of spreading ourselves thin over too many geographical locations. Our strategy is also important and beneficial to retailers that are looking to expand their businesses into new countries. The economy of scale and operating costs are vastly improved if the critical mass is there to begin with. We are doing developments with some of the major South African retailers as a key component of our new malls in sub-Saharan Africa.

OUR MOST VALUABLE PROPERTY IS OUR CONNECTIONS WITH OUR CLIENTS

We know the importance of relationships. Working together allows us to understand your needs so we can off er the best real estate solutions for you. This is how we’re moving real estate forward.

www.standardbank.co.za/cib

Authorised financial services and registered credit provider (NCRCP15).The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). SBSA 130404-10/12Moving Forward is a trademark of The Standard Bank of South Africa Limited

> Corporate and Investment Banking

together allows us to understand your needs so we can off er the best real estate solutions for you. This is how we’re moving real estate forward.

www.standardbank.co.za/cib

Moving ForwardTM

130404_SB Relationship ad 186x256mm.indd 1 2012/12/14 11:56 AM


We have an understanding of South African tenants and many of them have already established their brands across the continent. Most of the funding is sourced through South Africa and the banks have established a level of comfort with them as well.

“Our purchase of the lead stake in the Accra Mall meets our investment criteria and furthers Atterbury’s goal of providing excellent total returns to investors. It also helps us achieve a healthy measure of international geographic diversification in our portfolio,” it adds.

In order for the Ghanaian venture to succeed, and to explore further opportunities across the continent, Atterbury has established Atterbury Africa Limited, a venture is described as a vehicle for “the Atterbury model of partnering with local expertise”.

“Atterbury Investment Holdings has a strategic investment in this African venture, which furthers its goal of geographic

7www.southafricamag.com


diversification in sub-Saharan Africa,” Atterbury says. “Over the next five to seven years, various investors will partner with Atterbury as their developer of choice to build a portfolio of prized retail and commercial property assets in Africa. Hyprop recently brought a 37.5 percent interest in Atterbury Africa and will invest a further R750 million over the next five years.”

Atterbury plans to expand and make minor changes to Accra Mall, which was originally developed in 2007 with South African retailers Shoprite, Game, Mr Price, Trustworths, Woodin, Vlisco, Puma, Rhapsody’s, TM Lewin and Foods Inn. Local retailers include Body Basics, Dalex Finance, Enda, Trendz and Say Cheers.

Atterbury is currently busy with couple of other mall projects in Ghana – the 27,300sqm West Hills, which will be anchored by Shoprite Checkers, and it has acquired land in Achimota, north of Accra.

It is also engaged with mixed-use hotel and retail development in Zambia.

Atterbury Investment Holdings is the investment holding company of the Atterbury Group and Atterbury Property Developments is its development leg. eND

To learn more visit www.atterbury.co.za.

over the next five to seven years, various investors will partner

with Atterbury as their developer of choice to build a portfolio of prized retail and

commercial property assets in Africa

The Atterbury Building Lynnwood Bridge 4 Daventry Street Lynnwood Manor Pretoria

Tel: +27 12 471 1600 Email: [email protected]

www.atterbury.co.za

South Africa Magazine, Suite 9 and 10, The Royal, Bank plain, norwich, norfolk, UK. nR2 4SF

TnT Multimedia Limited, Unit 209, 16 Brune place, London E1 7nJ

eNquiriesTelephone: +44 (0) 1603 343367Fax: +44 (0)1603 [email protected]

subscriptioNs Call: +44 (0)1603 [email protected]

www.southafricamag.com

Documents

Atterbury Group