South African executive Jackie van Niekerk-led trust acquires rest of Mall of Africa

Attacq Limited, a JSE-listed real estate investment trust led by South African executive Jackie van Niekerk, has acquired the remaining 20 percent stake in Mall of Africa from the Atterbury Group for R1.07 billion ($58 million).

This strengthens Attacq’s position and aligns with its strategic growth roadmap. The acquisition was completed by AWIC, Attacq’s 70-percent-owned subsidiary. With this transaction, Attacq now indirectly owns 100 percent of Mall of Africa, up from AWIC’s previous 80 percent holding.

Mall of Africa: A retail oasis in South Africa

Mall of Africa stands out as a dominant super-regional mall in South Africa across all key performance indicators. It serves as the centerpiece of Waterfall City, a large-scale mixed-use development that integrates residential areas, logistics hubs, co-working spaces, and two thriving hotels, generating substantial foot traffic for the mall.

Opened in 2016, the iconic mall is South Africa’s largest single-phase shopping mall, boasting over 130,000 square meters of fully leased retail space. It curates a tenant mix featuring leading international apparel brands alongside popular domestic retailers.

South African executive Jackie van Niekerk comments on the acquisition

“We are delighted to announce this transaction as the Mall of Africa is undoubtedly one of Attacq’s flagship retail assets,” said Attacq CEO Jackie van Niekerk. “As Waterfall City continues to densify, sole ownership of the mall will allow control over the asset in influencing growth and trade, and we aim for Mall of Africa to remain one of SA’s top-performing super-regional malls.”

“In March we indicated to the market during our interim results presentation that we would look to acquire key assets after disposing of the Group’s MAS shares and this transaction demonstrates our commitment to delivering against what we had promised,” van Niekerk added.

Attacq’s strategic focus under Jackie van Niekerk’s leadership

South African business executive and property veteran Jackie van Niekerk has been instrumental in Attacq’s growth trajectory since joining as COO in June 2017.

South African business executive and property veteran Jackie van Niekerk has been instrumental in Attacq’s growth trajectory since joining as COO in June 2017. Under van Niekerk’s leadership, Attacq has maintained a strategic focus on its core holdings, with the super-regional Mall of Africa anchoring Waterfall City’s retail dominance.

The group boasts significant pan-African retail investments. Notably, it holds a 25-percent stake in Gruppo, which owns Nigeria’s iconic Ikeja City Mall, and a 26.9 percent interest in AttAfrica, focused on three Ghanaian retail properties.

As of Dec. 31, 2023, Mall of Africa’s trading density has grown by a compounded 16.1 percent annually over the past three years, maintaining a healthy rent-to-turnover ratio of 7.5 percent. The mall’s future is further bolstered by Waterfall City’s densification, fueled by AWIC’s development pipeline of residential, logistics, and collaboration hubs.