Attacq wins favour with Investors

Attacq CEO Morné Wilken said the fact the placement was oversubscribed multiple times suggested there was confidence in the company and the listed property sector in general.

Investor confidence in Attacq (ATT) remained strong on Wednesday‚ with the recently listed capital growth fund raising R512m in an oversubscribed share placement.

In light of strong demand‚ Attacq placed approximately 29-million shares‚ the maximum allowed under its authority‚ at a price of R17.65 per share‚ a 1.6% discount to Attacq’s 30-day volume-weighted average price.

Attacq CEO Morné Wilken said the fact the placement was oversubscribed multiple times suggested there was confidence in the company and the listed property sector in general.

“I believe investors are confident about our pipeline. We have been a fund for eight years and lined up projects which are now coming to the fore. I must say I think there is confidence in the listed property sector overall despite fear over macroeconomic factors‚” he said.

Attacq has assets of more than R14bn and is developing large retail projects in growth areas of Gauteng.

Attacq listed on the JSE in October last year at R17. At the end of trade on Wednesday‚ its price was R18.20.

Meago Asset Managers director Jay Padayatchi said Attacq had attracted investors’ attention.

“The one thing that’s for certain is that the stock is very hard to come by in decent size‚ especially since its inclusion in the listed property benchmark‚” he said.

One of Attacq’s flagship projects is the R3bn Mall of Africa‚ which will anchor Waterfall City‚ lying between Johannesburg and Pretoria.