ATTERBURY group

feature
 Moving
i n tO

Having concluded its

second major African
property transaction,
the Atterbury Group
is looking forward to an
exciting 2013.

By Ian Armitage

2 www.southafricamag.com
 Atterbury Group focus PROPERTY

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 We have been active
commercial nodes. Property means
something different to them; since 1994 and
according to Hulme, “it’s not just have built up a sound
about bricks and mortar, blueprints
or financial transactions”. reputation for delivering
And it has its eyes on Africa.
2012 has been quite the eventful
award-winning real estate
year for the ambitious and fast- across all commercial
moving group, notably seeing the
firm conclude its second major property sectors
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.

www.southafricamag.com 3
Atterbury Group focus PROPERTY

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.

4 www.southafricamag.com
> Corporate and Investment Banking

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 offer the best real estate solutions for you.
This is how we’re moving real estate forward.
www.standardbank.co.za/cib

Moving Forward
TM

Authorised financial services and registered credit provider (NCRCP15).

The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). SBSA 130404-10/12
Moving Forward is a trademark of The Standard Bank of South Africa Limited
 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

6 www.southafricamag.com
 Atterbury Group focus PROPERTY

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

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.

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