Attacq Limited , a JSE-listed real estate investment trust (REIT) led by South African executive Jackie van Niekerk, and Hyprop, a major specialized shopping center REIT in Africa, have announced plans to divest their stakes in shopping mall assets in Ghana and Nigeria. The assets will be sold to Lango Real Estate Limited in a deal valued at R1 billion ($60 million).
Under the leadership of Jackie van Niekerk , Attacq has concentrated on its core holdings, including the prominent Mall of Africa at Waterfall City . The company's pan-African investments include a 25-percent stake in Gruppo, the owner of Nigeria's Ikeja City Mall, and a 26.9 percent interest in AttAfrica, which manages three retail properties in Ghana.
Economic challenges prompt exit from sub-saharan marketsAttacq, through AIH International, and Hyprop, via Hyprop Mauritius, currently hold shares in Nigeria's Gruppo Investments and Ghana's AttAfrica. AIH International owns 25 percent of Gruppo, while Hyprop Mauritius holds 75 percent. In AttAfrica, each group owns a 50 percent share, with economic interests split at 27 percent for Attacq and 73 percent for Hyprop.
The sale of these stakes aligns with Attacq's strategic decision to exit sub-Saharan African markets outside South Africa, focusing instead on domestic assets. The company cited challenges such as currency depreciation, inflation, and liquidity issues in both Nigeria and Ghana as key reasons for the sale. These economic difficulties have impacted cash flow and forced South African operations to support the sub-Saharan portfolio financially.
