{"id":4019,"date":"2021-03-23T13:32:20","date_gmt":"2021-03-23T13:32:20","guid":{"rendered":"https:\/\/sareit.co.za.www55.cpt1.host-h.net\/?p=4019"},"modified":"2021-03-23T13:32:20","modified_gmt":"2021-03-23T13:32:20","slug":"attacqs-liquidity-position-strengthens","status":"publish","type":"post","link":"https:\/\/muddev.co.za\/sareit\/attacqs-liquidity-position-strengthens\/","title":{"rendered":"Attacq\u2019s Liquidity Position Strengthens"},"content":{"rendered":"<ul>\n<li><span style=\"font-weight: 400;\">Liquidity improved to R1.3 billion at period end\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Generated R885.1 million in cash proceeds post interim-period end through part disposal of\u00a0 investment in MAS Real Estate Inc.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Group interest cover ratio of 1.40 times\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Distributable income per share declined by 57.5%\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rental collection rate for the South African portfolio improved to 100.6%\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">South African portfolio valuation decreased by 3.2% on a like-for-like basis <\/span><span style=\"font-weight: 400;\">\u25aa <\/span><span style=\"font-weight: 400;\">South African portfolio occupancy levels improved to 96.4%\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">31 791m<\/span><span style=\"font-weight: 400;\">2<\/span><span style=\"font-weight: 400;\">in developments under way since period end; over 85.0% pre-let <\/span><span style=\"font-weight: 400;\">\u25aa <\/span><span style=\"font-weight: 400;\">Ellipse Waterfall development passed R1.0 billion in sales\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Tuesday, 23 March 2021. <\/b><span style=\"font-weight: 400;\">Attacq Limited (\u201cAttacq\u201d), the JSE-listed REIT developing Waterfall City, today released its financial results for the six months ended 31 December 2020, against a subdued\u00a0 economic backdrop, exacerbated by the COVID-19 pandemic and associated lockdowns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The group&#8217;s distributable income per share declined by 57.5%. The decline is mainly due to R53.8\u00a0 million in rental discounts granted, and MAS not paying a dividend for the period given the uncertainty\u00a0 caused by the pandemic. In the comparative period, a MAS dividend of R121.2 million was received.\u00a0 The rental relief provided, continued in the 2021 financial year and during this period was mainly to\u00a0 support gyms, restaurants, cinemas and hotels in the South African portfolio which were more severely\u00a0 affected by the lockdown restrictions.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commenting on the results Melt Hamman, CEO of Attacq said, <\/span><b>\u201c2020 was an extraordinary year with\u00a0 significant uncertainty, resulting in continued pressures on the overall economy and property\u00a0 sector. However, Attacq\u2019s diversified and quality property portfolio and; diligent capital\u00a0 management plus its debt reduction plan has supported us during this period and will ensure\u00a0 the company is well-positioned to benefit from a future recovery.\u201d\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Since the start of the pandemic, management\u2019s focus has been on the group\u2019s liquidity and capital\u00a0 structure. In doing so, available liquidity as at 31 December 2020 improved to R1.3 billion (30 June\u00a0 2020: R1.1 billion) and an interest cover ratio (ICR) of 1.40 times was achieved.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The South African portfolio improved the occupancy rate of 96.4%, compared to 93.6% at 30 June\u00a0 2020. Rental income declined by just 1.3% to R1.12 billion which is testament to the resilience of the\u00a0 property portfolio.\u00a0<\/span><\/p>\n<p><b>\u201cOur client-centric, proactive and collaborative approach allows us to listen with understanding\u00a0 and therefore enables us to provide bespoke solutions to our clients\u2019 unique business needs.\u00a0<\/b><\/p>\n<p><b>At Attacq, we pride ourselves on providing an authentic client experience to create sustainable\u00a0 value for all our stakeholders. This is reflected in our clients\u2019 willingness to remain within our\u00a0 portfolio and high occupancy rates,\u201d <\/b><span style=\"font-weight: 400;\">said Jackie van Niekerk, incoming CEO of Attacq.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the current unprecedented trading conditions, the portfolio attracted the likes of Boehringer\u00a0 Ingelheim, Auditor-General South Africa, FNB and Cotton On. Newly let spaces in our retail portfolio\u00a0 are testament to the quality of our retail assets and demand from retailers. Examples of this at the Mall\u00a0 of Africa include: Gap, Kauai, Paul\u2019s Ice Cream, Hydraulics and Yokico.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Waterfall City, the mixed-use development where people can work, live and play, remains a key driver\u00a0 in Attacq\u2019s core business. For the six months under review, one midi warehouse of 4 603m2 GLA was\u00a0 completed, with the Nexus Courtyard Hotel, Building 4 at Corporate Campus and 269 residential units\u00a0 under construction at period end. The Courtyard Hotel opened for trade on 1 March 2021 whilst the first\u00a0 two towers of Ellipse, Newton and Kepler, are expected to be completed by the end May 2021 with\u00a0 transfers commencing before the end of June 2021. <\/span><b>\u201cThe developments at Waterfall remain a strong\u00a0 proposition for all stakeholders and Attacq continues to see healthy levels of enquiries for\u00a0 quality safe, sustainable spaces,\u201d <\/b><span style=\"font-weight: 400;\">commented Hamman.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Attacq\u2019s reduced its shareholding in MAS post period end, the Group disposed of R885.1 million MAS\u00a0 shares resulting in Attacq\u2019s shareholding in MAS decreasing to 10.9%. Raj Nana CFO of Attacq said, <\/span><b>\u201cOur strategic focus on capital management and liquidity in order to improve our debt capacity\u00a0 has been a key priority for Attacq. The disposal proceeds will be deployed towards paying down\u00a0 our interesting-bearing debt, reducing our euro debt and funding upcoming development\u00a0 opportunities. Attacq is currently trading under cautionary relating to the proposed disposal of\u00a0 an investment property; the proceeds of which will be utilised to further reduce debt.\u201d\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To support the preservation of liquidity, the board resolved in June 2020 not to pay a final dividend for\u00a0 the year ended 30 June 2020, nor an interim dividend for the first half of FY21.\u00a0<\/span><\/p>\n<p><b>\u201cAlthough we still anticipate short to medium term challenges, our strong business\u00a0 fundamentals put us on a good trajectory for growth. We remain focused on creating remarkable\u00a0 experiences where people can connect whilst striving towards our vision of becoming the best\u00a0 provider of community spaces,\u201d <\/b><span style=\"font-weight: 400;\">concludes van Niekerk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Ends-<\/span><\/p>\n<p><b>ENQUIRIES\u00a0<\/b><\/p>\n<p><b>Attacq Limited +27 12 010 3489\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Minisha Patel +27 82 920 4426\u00a0<\/span><\/p>\n<p><b>Instinctif Partners +27 (0) 11 447 3030\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Boitumelo Matjila +27 (0) 73 265 0231\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tshene Wedi +27 (0) 82 659 831\u00a0<\/span><\/p>\n<p><b>Website: <\/b><span style=\"font-weight: 400;\">www.attacq.co.za<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>NOTES TO EDITOR\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Attacq Ltd is a leading Real Estate Investment Trust (REIT), with an award<\/span><span style=\"font-weight: 400;\">\u2010<\/span><span style=\"font-weight: 400;\">winning property portfolio\u00a0 worth over R24 billion in total asset value. Attacq delivers exceptional and sustainable growth through\u00a0 its real estate investments and its developments in Waterfall City, Waterfall Logistics Hub and retail\u00a0 precincts. Supported by one of the most comprehensive and diverse real estate asset portfolios in South\u00a0 Africa, Attacq creates safe, sustainable spaces where people can connect, unwind and thrive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bolstered by its four key drivers, namely (1) the South African portfolio, (2) developments at Waterfall\u00a0 (3) its investment in MAS Real Estate Inc. (which has a presence in Central and Eastern Europe) and\u00a0 (4) the rest of Africa retail investments, Attacq is firmly positioned as one of the country\u2019s preeminent\u00a0 REIT\u2019s, offering growing income distributions. Through its developments, Attacq is engages with diverse\u00a0 communities of people centred around a shared interest. Be it a safe and secure living environment, a\u00a0 shopping destination or a productive business space \u2013 Attacq\u2019s developments are more than just\u00a0 buildings; they embody the company\u2019s collective commitment to creating, world<\/span><span style=\"font-weight: 400;\">\u2010<\/span><span style=\"font-weight: 400;\">class spaces in which\u00a0 all people can live, work and play.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information and our latest news, go to <\/span><span style=\"font-weight: 400;\">www.attacq.co.za<\/span><span style=\"font-weight: 400;\">, like us on Facebook or follow us on Twitter.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liquidity improved to R1.3 billion at period end\u00a0 Generated R885.1 million in cash proceeds post interim-period end through part disposal of\u00a0 investment in MAS Real Estate Inc.\u00a0 Group interest cover ratio of 1.40 times\u00a0 Distributable income per share declined by 57.5%\u00a0 Rental collection rate for the South African portfolio improved to 100.6%\u00a0 South African portfolio [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-4019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-members-news"],"featured_image_src":{"landsacpe":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2021\/03\/ATTACQ-header-1-1140x445.jpg",1140,445,true],"list":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2021\/03\/ATTACQ-header-1-463x348.jpg",463,348,true],"medium":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2021\/03\/ATTACQ-header-1-300x78.jpg",300,78,true],"full":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2021\/03\/ATTACQ-header-1.jpg",1920,500,false]},"_links":{"self":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/4019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/comments?post=4019"}],"version-history":[{"count":0,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/4019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media\/4020"}],"wp:attachment":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media?parent=4019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/categories?post=4019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/tags?post=4019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}