Attacq, the real estate investment trust (Reit) behind the development of Waterfall City in Midrand, says it has written down the value of its assets in the rest of Africa by R370m amid a difficult trading environment. The company co-owns malls in Ghana, Nigeria and Zambia with property groups Hyprop and Atterbury. Hyprop last week impaired its rest-of-Africa business by R1.1bn and said it wanted to exit it. Attacq chief investment officer Peter de Villiers said the company was looking at ways to “introduce liquidity” into its rest-of-Africa portfolio. Commodity prices were “largely unsupportive” of those economies, and even though inflation and interest rates were moderating, tenancy levels remained depressed. A number of SA clothing retailers were unlikely to renew their leases in those malls, partly because they were focused on their home market, De Villiers said. Attacq holds the African assets through a joint venture (JV) called AttAfrica, along with unlisted property developer...

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