Attack, the developer of Waterfall City in Gauteng, announced on Tuesday that it will sell its remaining stake in Central and Eastern Europe (CEE)-focused property group MAS Plc for just over R773 million.
This comes as JSE-listed SA Real Estate Investment Trust (SA REIT) has reduced its stake in MAS over the past few years to strengthen its financial base in the face of the impact of COVID-19. This is in response to what has happened. With relatively little interest remaining in MAS in the aftermath of the pandemic, the group has opted to exit completely.
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Read: Waterfall City developer Attacq now sells over R1.2 billion in MAS [June 2021]
MAS also did not pay any dividends to shareholders in respect of its latest interim financial results up to the end of December 2023.
“This disposal is in line with Attacq's strategy to allocate capital to assets with significant impact and will be implemented through an off-market block transaction by March 13, 2024,” the group said in a Sens announcement on Tuesday. That's the plan,” he said. morning.
“Proceeds will be used to invest in revenue-generating activities within the group,” it added.
This means the proceeds are likely to be channeled into the REIT's development rollout of the Waterfall City mega-development anchored by Attacq's flagship district property, the Mall of Africa super-regional shopping centre. do.
“We would like to inform our shareholders about AIM Investco Proprietary Limited. [‘AIM Investco’]Attacq's wholly owned indirect subsidiary, Attacq's share holders in MAS Plc, have reached an agreement to dispose of the remaining 46,157,934 shares in MAS at a price of R16.75 per share, for a total cash consideration of R773,145. . 394.50,” Attacq said in Sens published on the same day that the real estate counter announced its latest interim results.
“The acquirer is PK Investments Limited, a wholly owned subsidiary of PKM Developments Limited,” it added.
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MAS, which is also listed on the JSE (secondary listing), invests in and operates retail real estate in CEE, a region where several other SA REITs also exist and invest.
Attacq said the disposal of MAS was classified as a Category 2 transaction in terms of JSE listing requirements and therefore did not require Attacq shareholder approval.
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