Pareto Limited and BVI acquires 25% stake in Atterbury Europe
The Pareto Group acting through BVI, a sister company to Pareto Limited, acquired a 25% shareholding in Atterbury Europe Holding B.V.
The Atterbury Europe portfolio currently comprises property investments in Romania, Cyprus and Serbia, with a combined gross lettable area (GLA) of 524,052m2, split between 422,427m² of retail and 101,625m2 of offices. The portfolio boasts an impressive tenant mix with some of the anchors including international brands such as Ikea, Auchan, Carrefour, ZARA, Massimo Du^ (and 5 other Inditex brands), Peek & Cloppenburg, H&M, Marks & Spencer, LC Waikiki, Mango, C&A, Armani Exchange, Intersport, Cinema City and World Class Gym.
The Romanian portfolio includes 4 retail shopping centres in Timisoara, Cluj, Suceava and Iasi, as well as 4 office towers that anchor the retail centres, which are owned 50% by Atterbury Europe.
The Cyprus portfolio owned c.98% by Atterbury Europe, comprises of two retail shopping centres which are strategically located in high catchment areas in Nicosia, being the Mall of Cyprus and the Mall of Engomi. These shopping centres houses international brands such as ZARA and six other Inditex brands, Marks & Spencer, Mango, Armani Exchange, Lacoste, Tommy Hilfiger, OVS and Intersport.
The Group CEO of Pareto, Mr. Malose Kekana, said “this acquisition provides the Group with the opportunity to diversify its portfolio outside South Africa, reducing its concentration risk whilst venturing into jurisdictions with robust economies and significant fiscal strength.”
Atterbury Europe has a pipeline of other projects it is considering.
“An investment into Europe will assist in building Pareto’s growth story as well as ensuring that the Group remains on par with its peers. This investment also improves access to international brands to anchor the Group’s leasing pipeline.” continued Kekana.