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RBH takes R500 million stake in premium property fund Atterbury IH

Published: Monday, 25 October 2010 10:13

Royal Bafokeng Holdings (RBH) and Atterbury Investment Holdings (AIH) announced today that RBH has acquired a 10.5% interest in Atterbury IH for R500 million cash.

Royal Bafokeng Holdings (RBH) and Atterbury Investment Holdings (AIH) announced today (25 October 2010) that RBH has acquired a 10.5% interest in Atterbury IH for R500 million cash.

An unlisted capital growth property fund, Atterbury IH invests in premium commercial and retail assets in sought-after business nodes in major South African metropolitan areas.

Directly-held investments include:

  • 72 000m² Lynnwood Bridge mixed-use development, Pretoria;
  • Design Square, Brooklyn;
  • Investec Regional Office, Pretoria
  • Brooklyn Bridge, Brooklyn;
  • Hampton Office Park, Bryanston;
  • Great Westerford, Rondebosch;
  • 1.6 million square meters bulk for development at Waterfall; and
  • 43% shareholding in Attfund.

Its gross asset base has grown to more than R7 billion from R600 million at its founding in July 2005.

Future anticipated growth is supported by Atterbury IH’s strategic relationship with Atterbury Property Holdings, which provides human capital in its asset management and property development functions.

RBH CEO Niall Carroll said: “This investment in one of South Africa’s top commercial property funds dovetails with our long-term diversification strategy. We are delighted to have found in Atterbury IH a company with entrepreneurial flair; very sound corporate governance systems; and a track record of strong, financial performance.”

Atterbury Group CEO Louis van der Watt said: “The Atterbury IH Board is especially pleased that this key, strategic investor has decided to place its trust in Atterbury IH, with such a significant investment in commercial property. We hope to both strengthen and deepen the relationship over time.”

Note to editors:
Atterbury Investment Holdings (Atterbury IH)
Founded in July 2005 with a gross asset value of R600 million, Atterbury IH has enjoyed stable growth. Coupled with external acquisitions, this has enabled it to increase its gross assets to more than R7 billion by June 2010 and to generate compounded annual growth of 22.3% in NAV per share since inception.

Its direct portfolio includes the following Pretoria properties: the 72 000m² Lynnwood Bridge mixed-use development consisting of a four-star hotel, A-grade offices, destination retail and the Atterbury Theatre; the regional office of Investec; Trevenna and the DTI Campus Building in the Mandela Development Corner, Brooklyn Bridge and Design Square. In Centurion: the Kumba Head Office; in Bryanston: Hampton Office Park; and in Cape Town: Atterbury House in the CBD (previously Shell House) and Great Westerford in Rondebosch.

Atterbury IH is currently also involved in developing the 40 000m² Bagatelle Mall in Mauritius, the island’s first regional mall.

Apart from directly-held properties, Atterbury IH has a portfolio of investments held indirectly through other property funds. The most significant is its 43.4% shareholding in Attfund, a R9.6 billion retail property fund with several sought-after regional shopping centres, including the Clearwater Mall and Woodlands Boulevard in Johannnesburg; Cape Gate Precinct in Cape Town; and Garden Route Mall in George.

Royal Bafokeng Holdings (RBH) RBH is responsible for the management and development of the commercial assets of the Royal Bafokeng Nation (RBN), with the overall business objective of maximising returns to enable the RBN to deliver sustainable benefits to the community. RBH strives to continually improve the economic well-being and quality of life of all stakeholders by investing in businesses that will generate exceptional returns over the long term, thus enabling it to contribute directly to the upliftment of the RBN community, both today and into the future.

RBH’s investment activities generate an income to fund the practical delivery of projects within the context of the RBN’s Vision 2020, an overarching developmental mission to:

  • create and promote economic self-sufficiency among the Royal Bafokeng Nation; and
  • enhance human dignity and promote an environment that encourages success.

Royal Bafokeng Nation (RBN)
The RBN, as the sole shareholder of RBH, is a 300 000-strong community of black South Africans, predominantly Setswana-speaking, based largely in North West Province. The RBN owns 1 200km² of land which hosts the world-renowned Bushveld Complex, the richest known reserve of platinum group metals and chrome. The RBN leases portions of this land to, or conducts joint mining operations with some of the world’s largest mining companies.

Contacts and additional information
Atterbury IH
Tel: 012 483 8676
Cell: 083 455 6577
Email: morne@atterbury.co.za

Royal Bafokeng Holdings
Wilhelm Nauta (Strategic Investments)
Tel: 011 530 8037
Cell: 082 570 5063
Email: Wilhelm@bafokengholdings.com