Atterbury Europe represents is a new partnership between Atterbury and European investors

Posted On Friday, 31 July 2015 07:06 Published by
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Atterbury Europe is a new company incorporated in the Netherlands that focuses on shopping centre investments and retail development opportunities in Europe, particularly the nascent eastern European region.

 Mall_Of_Cyprus

Atterbury Europe represents a new, high-level partnership between Atterbury and a group of European investors.

It will partner with JSE-listed real estate capital growth fund Attacq Limited to tap into this market. It has already made its first landmark investment in a €200-million retail portfolio in Cyprus and is investigating a further opportunity in a portfolio in Serbia.

Atterbury Europe’s intercontinental team consists of a highly experienced group of individuals who will add value in each of the main business streams: property development, asset management, mergers, acquisitions and financing.

The European team will, through a services company (“Atterbury Europe Services”), manage assets and developments on the continent in line with Atterbury’s 21 years of multinational experience. Raoul de Villiers has been appointed Managing Director of Atterbury Europe Services.

Over 21 years, Atterbury has become a leading name in property investment and development in South Africa, across the African continent and beyond. It began as the driving force behind several landmark South African property developments. More recently it has built a sterling reputation for being able to replicate its success outside South Africa, and in vastly different cultures, starting with Bagatelle Mall of Mauritius. It went on to develop The Grove Mall of Namibia as well as three retail developments in Ghana. All these developments were undertaken with local partners, giving action to Atterbury’s ethos of ‘it’s a matter of association’. It also expanded its operations to Europe, in partnership with JSE-listed MAS Real Estate Inc in developing Caltongate, a 70,000m2 mixed-use scheme in Edinburgh, Scotland.

Co-investor

Attacq Limited

Attacq is a leading JSE-listed property capital growth fund with a R17,125 billion market cap. Its business has two focus areas: investments and developments.

Its investments comprise landmark commercial and retail property assets. Its portfolio of properties is geographically diverse across South Africa, including Attacq’s prestigious Waterfall development. The new CBD of Waterfall, Waterfall City is to be anchored by the 131 000 m2 Mall of Africa due to open in April 2016. It also includes a growing representation of international investments in sub-Saharan Africa with a 31.25% shareholding in AttAfrica, and exposure to property investment in Germany, Switzerland and the United Kingdom via a strategic 45.4% shareholding in JSE-listed MAS Real Estate Inc.

Strategy

Atterbury Europe will develop and invest in shopping centres in Europe, with an immediate focus on fast-developing Eastern European markets.

Eastern Europe:
The retail experience of the group of European investors and Atterbury’ s track record for delivering successful developments in other territories and cultures,  make for the ideal partnership to identify and unlock opportunities.

Eastern Europe has a well-educated and skilled population with high levels of employment across many industries, and mostly non-mortgaged home ownership, resulting in consumers with disposable income. However the supply of retail and retail centres is very low compared to Western European standards. There is some high street shopping, but a mall culture never really developed.

Moreover, many multinational retail brands have also identified the demand for more retail in the region, and targeted the fast-growing Eastern European market as a growth opportunity. Yet they are faced with a scarcity of shopping centre space, making it difficult for them to enter this market. As a result, there are numerous opportunities for retail property development in the region.

Cyprus:

Atterbury Europe, with Attacq, has invested in two key retail assets, both with expansion potential, to facilitate the growth strategies of international retail brands in Cyprus.

Cyprus represents a good opportunity for growth, post the March 2013 agreement with the European Central Bank and IMF addressing the banking crisis in Cyprus. Cyprus has performed ahead of expectations at each review date; interest rates have dropped by 1%; and, there is a renewed optimism on a political solution to reunite the northern and southern parts of the island thereby creating additional investment opportunities.

It is also a market that remains untapped by other international property development businesses. Unlike Greece, Cyprus has already been through its austerity measures, and taken a haircut to repay its debt. Its economy is now growing. Atterbury Europe was able to make strategic investments at the bottom of the market, resulting in an excellent opportunity for upside benefit.

* The Shacolas Emporium Park

This is a leading retail destination in the heart of Nicosia, the Capital City of Cyprus. It has a total retail area of 55,000m² GLA and includes the capital’s largest shopping centre, The Mall of Cyprus, a stand-alone Ikea store and other free-standing retailers. The Mall of Cyprus’s tenants include Carrefour, Zara, Debenhams, Intersport, McDonalds, Starbucks and many top multinational retailers. It attracts over 5-million visitors a year. Responding to retailer and customer demand, the expansion of The Mall of Cyprus is currently being initiated.

* The Mall of Engomi
An extremely successful retail centre located in a densely populated residential area with plenty of expansion and revitalisation potential. It has around 18,000m2 of GLA and tenants include Debenhams department store, Carrefour Hypermarket, Superhome DIY Centre and other fashion outlets. With over 1.5-million visitors each year, an expansion is planned in the near future. 

Last modified on Friday, 09 October 2015 09:13

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