Attacq makes its debut on the JSE
Attacq Limited, formerly known as Atterbury Investment Holdings today listed on the Johannesburg Stock Exchange (JSE), using the code "ATT", after a successful R800 million private placement.
Its share price surged to R17 during intraday trading on the JSE as the market supposedly took its time to get to know the company or the share itself.
By 10:33 about 1.9 million shares, valued at about R32.5m, had been traded – the highest volume of any share for the day so far.
Attacq is the JSE’s 17th property listing in three years‚ with most of the new counters having come to the bourse with market capitalisations below R2bn.
Before listing, the investment group raised R800 million through an oversubscribed private placement which opened on October 7 and closed on October 9.
Attacq opted not to list as a Real Estate Investment Trust (Reit) given that it is a capital growth fund whereby its income is reinvested and not paid out to shareholders.
The Reit structure, which most listed property funds have already or are converting to, requires funds to pay out at least 75% of their distributable earnings to shareholders.
Attacq CEO Morne Wilken said listing Attacq has provided an opportunity for investors to share in a unique long-term sustainable real estate capital growth fund with a sucessful track record.
Attacq manages a diversified portfolio of property assets‚ comprising‚ as at 30 June 2013‚ 18 operational properties‚ 10 properties under development‚ infrastructure and land rights and other investments with a total asset value of R13.35bn.
Attacq’s asset base includes landmark commercial and retail assets and developments. Among its developments is the prime Waterfall Business Estate, located between the Allandale and Woodmead off-ramps on both sides of the M1/N1 highway in Johannesburg.
The company’s African portfolio includes Bagatelle Mall of Mauritius and Bagatelle Offices. It also has an effective 32,5% stake in Atterbury Africa, in partnership with Hyprop Investments and Atterbury Property Holdings, which invests in retail centres and developments across sub-Saharan Africa.
It is also internationally diversified through MAS which has a primary listing on the Euro-MTF market of the Luxembourg Stock Exchange and a secondary listing on the JSE AltX. MAS holds investments in Germany, Switzerland and the UK.
Attacq was established eight years ago and has delivered an average compound annual return in excess of 20% to its shareholders.
"We're very pleased to welcome Attacq on to the JSE. This is a much anticipated listing in a sector that has enjoyed growth in the past years as Africa's property development needs expansion," says Zeona Jocobs, Director of Issuer and investor Relations at the JSE.
The executive team includes the driving-forces behind the company’s proven delivery capability with Wilken as CEO, Atterbury Property Holdings CEO and co-founder Louis van der Watt and Melt Hamman as FD.
The Board of Directors includes independent non-executive chairman Pierre Tredoux and also benefits from the skill and experience of Atterbury Property Holdings co-founder Francois van Niekerk, as a non-executive director.
Other members of the board are Stewart Shaw-Taylor, Pieter Faure, Lucas Ndala, Johan van der Merwe, Hellen El Haimer, Thys du Toit, Lebo Masekela, Wilhelm Nauta and Thomas Reilly.
With assets of R13.35bn, Attacq is one of the biggest property listings in JSE history.