JSE-listed capital growth fund Attacq has successfully raised R640-million through an accelerated bookbuild after originally seeking to raise around R500-million to acquire the remaining 18.8 % of its key asset, the Waterfall pipeline, and take full control of the strategic planning of the project, including the rollout of its infrastructure.
The company said in a statement on Wednesday that strong demand had resulted in an increase in the capital raise to R640-million through the placing of 29.7-million shares at a price of R21.60 apiece.
This capital-raising strategy had been formulated jointly with property group Atterbury, which was increasing its deployment of development capacity in other markets including Central and Eastern Europe – a direction that supported Attacq’s diversification strategy.
Attacq had a direct 25% shareholding in Atterbury Africa through its wholly-owned subsidiary Atterbury Investment Holdings International
Atterbury’s exclusive right as developer of Waterfall would also be amended to allow Attacq the option to partner with other developers as a means of accelerating the Waterfall development.
This would come into effect from 2018 and would see Atterbury retain a 20% undivided interest in the Mall of Africa – Waterfall’s super-regional mall opening in April 2016.
In keeping with the continuing strategic relationship between Attacq and Atterbury, Attacq had secured a preemptive right for defined material developments to be undertaken by Atterbury, locally and internationally, ensuring Attacq’s continued access to Atterbury’s development pipeline.
“The excellent result of Attacq’s capital raising reflects a healthy appetite in the market for Attacq shares and demonstrates strong support for our strategic direction,” commented CEO Morné Wilken.