GAUTENG shoppers still have plenty of appetite for retail therapy, judging by the 84,000 people who streamed through the Mall of Africa’s doors on the first day of trade last Thursday.But JSE-listed Attacq’s new 131,000m² mega-mall at Waterfall City near Midrand, 4½ years in the making, hasn’t just created excitement among shoppers. It’s also a milestone for shareholders.The R4.9bn mall, which is co-owned by Attacq (80%) and unlisted developer Atterbury (20%), is now the company’s largest asset by far, representing about 15% of total assets of close to R28bn.Mall of Africa is expected to boost Attacq’s NAV and rental income strongly over the next few years. Attacq CEO Morne Wilken says the mall should lure 15m shoppers a year and generate sales turnover of about R4bn/year. Attacq will earn rental income of R78m in the first year of the mall’s operation.But Wilken says there’s plenty of upside potential in the income and valuation projections as turnover rentals kick in and additiona...
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