Woodlands Boulevard:
Number of Stores: 99
Parking Bays: 2,570
GLA: 40,521 m² / 420,000 sq ft
Tel: +27 (0)12 997-9460
Fax: +27 (0)12 997-9461 |
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ATTFUND WAS FOUNDED in 2002
with a portfolio worth R670m, which
has today grown to
total assets in excess of R8bn. A public
unlisted property fund it has
a net asset value of R5bn.
Currently, 11% of the company
is owned by a black
economic empowerment
consortium – a grouping of
property specialists, including
Sisa Ngebulana and
Nazeem Khan.
Louis Norval, a founder
member and currently CE of
Attfund says: “The key elements
of our success story
are a well-defined business
strategy, a formidable selection
criteria and utilising
the considerable expertise
of Attfund’s executives and
core officials in a continuous
hands-on approach.”
“When we set out we
wanted to focus on few – but
high value –investments in
the upper income market,
because that’s where our
expertise lay. That enables us
to spend more time on each
investment. Similarly, when
it came to commercial office
space we only want to invest
in office parks, as that offers
the flexibility to enable tenants
to gradually increase or
decrease their space as they
expand or shrink. That in turn
helps keep vacancy levels
particularly low.”
Attfund’s current investments
in South Africa consist of impressive retail holdings
in upmarket shopping centres as well as four corporate office parks.
In 2005 Attfund
realised there were relatively
few investment opportunities
remaining in its upper
income niche and management
decided to diversify its
portfolio, as well as hedge its
operational and currency risk
by investing offshore.
“At that point we wanted
to invest in like-minded
businesses and broadened
our strategy,” says Norval.
It invested in the New York
Stock Exchange-listed Simon
Group and followed that with
a stake in Deutsche Euroshop,
which is focused on
quality shopping centres in
Germany and its neighbours
and listed on major German
exchanges.
In 2007 Attfund acquired
22,5% of Stenham European Shopping Centre
Fund, which had acquired one of Europe’s
large shopping malls, the 96 000m2 regional
shopping centre – Nova Eventis –in Leipzig,
Germany.
Attfund's future strategy is to increase its offshore
component to approximately 40% of
its total portfolio and to look more at middle
income retail property investments in SA as
the upper income opportunities dry up.
Attfund is 31% geared, which is low by
industry standards.
Even though the fund is unlisted it’s run
in full compliance to the same governance
standards as a JSE-listed company. Its price
(based on NAV) started at R13,67 on 1 July
2002 and is currently at R111,07/share for a
compound growth of 41,8% per year.
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