ATTAFRICA

ATTAFRI CA

Building a long-term, continental vision www.attafrica.com

ame A T T A F R I C A

On Course for

$1billion

Target

ttAfrica is edging closer to its $1 billion goal as the snowball effect of early successes in the retail property investment market look set to drive future international growth, key business partnerships and sustainable recognition on a continental scale.

The $1 billion relates to property assets, and signifies a concerted strategy which has been in place for the Company since its inception in 2012 under the name Atterbury Africa. Off the back of its initial achievements in Ghana and Zambia, a recent rebranding to the name AttAfrica signifies the standalone reputation that has manifested within the sector over the past four years, with the newlook business still able to leverage the experience and expertise of its three shareholders - Atterbury, Attacq and Hyprop - in the process.

“It all started in 2012 off the back of the acquisition of Accra Mall,” Chief Executive Officer (CEO), Kevin Teeroovengadum recalls. “It was the first grade A mall in the city and we saw an opportunity to expand it

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Property Investment Specialist, AttAfrica is reaching its goals by bringing the most sustainable and quality grade A retail developments to some of Africa’s biggest cities Writer: Matthew Staff Project Manager: Callum Philp

and use it as a gateway to do other developments in Ghana.”

This is precisely the knock-on effect that occurred, with the purchased and revamped Mall setting the tone for Westhills Mall which opened in late 2014, Achimota set to open in October, 2015, and its Kumasi Development which will be up-and-running in early 2017.

Adding the Manda Hill Centre opportunity in Lusaka, Zambia, AttAfrica is now truly an international Company and has ticked off phase one of its strategy in making its mark in the grade A retail development space; earmarking the leading facilities, in the most prosperous cities, in the most economically thriving sub-Saharan countries outside of South Africa.

Cream of the crop

Kevin Teeroovengadum, CEO, AttAfrica

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The hybrid approach of acquiring, investing in and constructing developments adds flexibility within what is understandably a niche space at the upper end of the market, and has already been epitomised by the variation in its projects thus far; balancing the initial acquisition of Accra Mall, and Zambian opportunity at Manda Hill with the construction

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ARE YOU KONNECTED?

Ghana Sierra Leone Cameroon Uganda South Africa

Full Turnkey Commercial Applications

Raising the level of available services...

Residential Solutions Generator Rental Long & Short Term Power Optimisation Full Repair Service Comprehensive Maintenance Packages Complete Range Of Original Spares

Toufic Haroun Ghana: +233 248 536 003

UK: +44 7774 520 514

Email: toufic@konnected.org

AFRICAN SUPPLIERS of world leading Power Solutions

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AttAfrica is building a portfolio of retail assets in key cities on the continent

The vision from day one was to build a portfolio of retail assets, reaching $1 billion in four or five key cities and countries on the continent

Accra Mall

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and development of Westhills, Achimota and Kumasi.

“The vision from day one was to build a portfolio of retail assets, reaching $1 billion in four or five key cities and countries on the continent,” Teeroovengadum explains. “With Manda Hill, the biggest mall in Lusaka, Accra Mall, Westhills, Achimota and Kumasi all either completed or under construction, we have really set up a presence in the best cities, the main catchment areas and the cream of the crop in terms of disposable income.”

The primary strategy is now to take on development duties internally and is further recognition of the influence that each shareholder has too; epitomised by the experience of Atterbury Property Developments who played such a pivotal role in getting the operation off the ground in 2012.

This naturally lends itself not just to the scope and finances that AttAfrica can bring to any given project, but the innovation, technological expertise,

K

onnected is an African service provider with strong roots in West Africa; striving to raise the standard of quality power generation by offering a seamless turnkey solution to power supply, installation and commissioning.

Products and services Konnected supplies, installs, commissions and manages a range of power generation solutions, from 5kVa through to 6MVa. Further to this, the Company is an authorised distributor of an internationally-reputed automatic voltage regulator (AVR).

Recognised as an approved supplier to international brand names such as Cummins, Perkins and Generator Logic, Konnected is able to leverage its strong pedigree of internationally-recognised products to provide a high level of service and maintenance solutions.

Moreover, the Company has a qualified team of factory-trained technicians who oversee the installation process and uphold the highest product and safety standards across the board.

Relationship with AttAfrica Konnected has retained a longstanding relationship with AttAfrica through work with its Atterbury division, supporting the power infrastructure at Accra Mall for many years; in addition to a number of other projects which are currently being negotiated.

The turnkey contract to upgrade the Accra Mall power system is a multi-million dollar project which will involve the supply of two additional 1,250kVa generators to be integrated within the existing power arrangement. The new units will be introduced seamlessly with the help of stateof-the-art touchscreen technology.

As a result of its growing reputation in the retail scene, Konnected has been awarded a further

three major contracts in Ghana, including supply and installation of standby power for the Kumasi Mall project, as well as the supply, installation and commissioning of the power systems for Achimota Mall.

Outside Ghana, Konnected also operates in Sierra Leone, Uganda, Cameroon, South Africa, Burkina Faso and the Ivory Coast.

Managed support services In addition to its retail power generation projects, Konnected is a major supplier to telecom service providers across Africa; recently supplying Airtel Burkina Faso, IHS Cameroon and Eaton Towers Kenya with generator systems.

In line with its strategic growth plans, the Company will soon be initiating its managed support services which will bolster the Konnected brand as a provider of a total power support solution; including consumables, parts, maintenance services and rentals.

Peace of mind power solutions: • Full turnkey commercial and residential applications • Short and long-term generator rental services • Power optimisation and full repair service • Comprehensive maintenance packages with a complete range of original spares • Robust relationship with industry-leading companies and suppliers Are you Konnected?

Ghana +233 553 122 177 UK +44 777 452 0514 E info@konnected.org

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RAND MERCHANT BANK

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and Merchant Bank (RMB), a division of FirstRand Bank Limited, is a leading African corporate and investment bank and part of one of the largest financial services groups in Africa. We offer our clients innovative, value-added advisory, funding, trading, corporate banking and principal investing solutions.

Our vision is to create sustainable value and bespoke solutions for our clients in Africa and beyond.

Our investment banking talent and fixed income, currency and commodities experts have over the past two decades concluded many high-profile deals across multiple sectors in more than 35 African countries.

Kumasi Mall is to create more than 2,000 jobs for those local to the area

supply chains and industry reputation that comes in tow.

“In Ghana for instance, three out of the four malls are Greenfield developments, and these are the ones we have developed and opened rather than the one we acquired,” Teeroovengadum continues.

“Westhills, which opened last year, has also been given an award by the South African Property Owners Association taking into account that the mall is not only well designed, but is also good from an infrastructure and accessibility perspective, and from a capacity point of view as well.”

are the key facets which have helped instil the brand’s authority on the industry in Africa in such a short space of time, and are further compounded by its selling proposition of guaranteed longevity.

When identifying such niche opportunities, embracing not only the prosperity of the city, but also the sheer size of the development and the amount of major tenants present in the mall, most competitors in the market look to take a leasing approach before moving on to new projects within five years.

AttAfrica’s ambition of building its portfolio over a longer period Sustainable malls of time is highly appealing to the The significance of its Kumasi authorities granting such opportunities development, being situated in though, with the knowledge that Ghana’s second largest city, will almost the Company will look to develop certainly reap similar acclaim as a result with the future in mind, and with the of its wider influence on the city, its intention of retaining ownership of the people, its appeal as a retail centre and development for a matter of decades, its sustainability as a complex. rather than mere years.

These skill-sets, combined with the “This is really what differentiates skill-sets of AttAfrica’s shareholders, us,” the CEO states. “We look to build

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We structure the most appropriate financing solutions to meet the needs of our clients, whether for project finance, on-balance sheet lending or a combination thereof. We value mutually rewarding relationships, question existing models, and develop innovative solutions to deliver on our business philosophy and brand promise: Traditional values. Innovative ideas.

As the corporate and investment banking arm of FirstRand Bank Limited (which is wholly-owned by FirstRand Limited) RMB has representative offices and branches in the UK, India, China, and the Middle East, and has access to a retail bank network in 25 African countries.

Listed on the Johannesburg Stock Exchange (JSE) and Namibian Stock Exchange (NSX), FirstRand Limited is the largest listed financial services group (by market capitalisation) in Africa. The group is differentiated by its ownermanager culture and operates through a four separately-branded franchises: RMB; First National Bank (FNB); WesBank; and Ashburton Investments.

T +27 11 282 8000

www.rmb.co.za

A T T A F R I C A

sustainable malls so we can build an ownership portfolio for the next 15-20 years and beyond.

“Because of this, we are willing to spend more money up front, or to take on a Greenfield project, knowing that we want these developments to be durable and state-of-the-art for more than just three or four years.”

International criteria

We would always rather be choosy and have one great mall in a city, rather than five smaller ones...

Manda Hill Mall

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The main benefit of this approach may be even more evident in the second half of AttAfrica’s strive for $1 billion, however, with the existing malls under construction or completed now paving the way for the Company’s international growth.

Kenya and Nigeria are two natural options across Nairobi, Abuja and Lagos, with these cities likely to be attracted not only to the aforementioned longevity, but also to the reputation that has been built as a consequence of early successes and its shareholders’ market presence.

Teeroovengadum says: “Firstly, when we go into these countries, they know that everything we do from a design and infrastructure standpoint is quality. Africa is a relatively small place, so word spreads, and we’ve already seen this with Nigeria identifying Westhills Mall in neighbouring Ghana as the best mall development in West Africa.

“This makes it a lot easier for us to go into Lagos or Abuja and make our pitch to the authorities with them knowing we will be there to build sustainable products and to be there for the long-term.

“Secondly, it’s good for the retailers as well because a lot of them are looking to expand internationally, with malls inevitably being a sweet spot. And we will meet their international criteria.”

AttAfrica has consequently already been courted by international retailers, building important relationships in the process and gearing the Company up perfectly for its next stage of

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Westhills Mall is the largest single-phase modern shopping mall in Ghana

evolution.

This will be compounded by a similarly sustainable commitment to retaining a local focus in each new country entered, once again ensuring that its adherence to the long-term comes through loud and clear when the next major city’s decision-makers decide to edge AttAfrica closer to its $1 billion target.

“We would always rather be choosy and have one great mall in a city, rather than five smaller ones, so to meet these expectations it’s very important to be localised and build local talent, to design with the future in mind, and to make sure we produce something which investors and retailers will like in the long-term,” Teeroovengadum concludes. “In threefive years’ time, we envisage that we will have achieved and exceeded that $1 billion of gross assets, we’ll be in at least four countries and we will have done so by building strong teams of local talent.”

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Building 2, Maxwell Office Park Magwa Crescent West Waterfall City Juskei View Midrand 2090 South Africa T: +27 596 9800 E: info@attafrica.com

www.attafrica.com