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Attacq unit to sell investments in Cyprus, Serbia

Attacq Ltd.'s wholly owned subsidiary, AIH International Ltd., signed sale of shares and claims agreements to off-load investments in Cyprus and Serbia, for a cash sum of €93 million.

AIH International will sell its 48.75% stake and loan account in Atterbury Cyprus Ltd. and its 25% stake and loan account in Atterbury Serbia BV to Atterbury Europe BV.

Atterbury Cyprus has a 99.67% shareholding in The Mall of Cyprus (MC) Plc, which owns the Shacolas Emporium Park, and a 99.5% shareholding in The Mall of Engomi (ME) Plc, which owns the Mall of Engomi. Both properties are in Nicosia, Cyprus.

AIH International will fetch €57.8 million from the Atterbury Cyprus deal, including €27.6 million for the share portion and €30.2 million in relation to its claims against the company.

Atterbury Serbia has a 50% stake in a seven-property retail portfolio in Serbia, which includes Ušce Shopping Centre in Belgrade. AIH International's shares in Atterbury Serbia will be sold for €23.2 million, while its claims against the company will be sold for €12 million, bringing the total consideration for this deal to €35.2 million.

Both disposals became effective March 31. Proceeds will be repatriated to South Africa to settle debt in Attacq's South Africa property portfolio and to fund Attacq's Waterfall developments in the province of Gauteng.