Atterbury launches new growth fund
Property development group Atterbury on Monday launched its Atterbury Property Fund real estate growth fund, which would become the investment vehicle for existing and future Atterbury assets in South Africa, Namibia and Mauritius.
Starting as a closed unlisted fund, Atterbury Property Fund would launch with assets valued at R3.1-billion. It had also secured a large immediate development pipeline that included R2-billion in top-structure developments over the next three years.
“The aim is to grow it towards a market-related liquidity event that will give the market access to participate,” said Atterbury Property Fund CEO Wouter de Vos.
He explained that the fund would acquire the pipeline assets from Atterbury on favourable terms in exchange for financial assistance during the development phase.
“By consolidating Atterbury’s assets into the Atterbury Property Fund, we will also benefit from more favourable funding terms, as well as potentially accessing debt capital markets,” he said.
In addition to ventures with existing Atterbury partners, Atterbury Property Fund was eager to create new investment partnerships, including investing in JSE-listed property counters.
“We will be highly selective and target our investment into companies where we can add value through our development, dealmaking, investment and asset management abilities, and exert strategic influence at management and board level,” noted de Vos.
Atterbury CEO Louis van der Watt noted that the Atterbury Property Fund would take the group “confidently into the future”. “We are excited to take the next step in our journey,” he said.
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