Attacq subsidiary disposes of investments in Cyprus and Serbia

Posted On Friday, 31 March 2017 20:19 Published by
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Attacq subsidiary disposes of investments in Cyprus and Serbia.

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AIH International Limited, a wholly-owned subsidiary of Attacq, has entered into sale of shares and claims agreements to dispose of its 48.75% equity shareholding and loan account in Atterbury Cyprus Limited and 25.0% equity shareholding and loan account in Atterbury Serbia B.V. to Atterbury Europe B.V. for an aggregate consideration of €93 million, payable in cash. 

Atterbury Cyprus owns a 99.67% shareholding in The Mall of Cyprus (MC) plc, the owner of the Shacolas Emporium Park located in Nicosia, Cyprus and a 99.50% shareholding in The Mall of Engomi (ME) plc, the owner of the Mall of Engomi, also located in Nicosia Cyprus. 

Atterbury Serbia holds 50.0% of a portfolio of seven retail properties in Serbia, including Serbia’s largest mall, Ušće Shopping Centre located in the Serbian capital of Belgrade

Attacq holds a 37.32% shareholding in MAS Real Estate Inc. (“MAS”), which is listed on the Main Board of the Johannesburg Stock Exchange.

In line with Attacq’s focus on its key investments and given MAS’ growing size, its change in investment focus to include Central and Eastern Europe and its increasing exposure to this region via its joint ventures with Prime Kapital, Attacq has made the strategic decision to exit its investments in Atterbury Cyprus and Atterbury Serbia and for MAS to be its primary entry point into these markets. 

 

A deed of guarantee, dated 16 July 2015, was entered into between Attacq and Ermes Department Stores Plc whereby Attacq agreed to guarantee certain obligations of Atterbury Cyprus (“the guarantee”). Atterbury Europe undertakes to release Attacq from all its obligations under the guarantee and will indemnify and keep Attacq indemnified from and against all and any losses suffered or incurred by Attacq which arise from the enforcement of the guarantee, until such guarantee is irrevocably released and discharged.

 

The proceeds will be repatriated to South Africa and applied in settling debt in Attacq’s South Africa property portfolio as well as in funding developments in Attacq’s Waterfall pipeline. 

The agreements provide for warranties and indemnities that are normal for transactions of this nature.

Last modified on Friday, 31 March 2017 22:25
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