Expanding Atterbury’s footprint in Mozambique, where the Pemba Retail Centre is taking shape, Atterbury Mauritius acquired a large industrial building from British American Tobacco in the capital city six months ago. Atterbury’s Catherine Bosman shares some behind-the-scenes intel.
How did the BAT deal in Maputo come about? Did the fact that Atterbury was involved in helping BAT move their South African head office play a role?
Wouter de Vos, Atterbury Property Fund CEO is an astute deal maker and well connected – he’d been assisting BAT by investigating a new head office in South Africa. During these discussions the opportunity arose to acquire BAT’s head office in Maputo as a “sale and lease back” , and so our offshore investment company, Atterbury Matola Mauritius Limited, acquired the property in December 2015.
What exactly does the deal entail? Will there be some redevelopment of the Maputo building, or will it just be asset management for now?
The property is managed by Atterbury Asset Management, which is based in South Africa. There is a future possibility to conclude a development lease for a new property in Mozambique, but there is also the option of expanding the existing premises.
What has happened since the deal was signed in December? And are there any changes planned for 2016?
For AMML we are the proud new owners of this property, which we manage as we do all our other assets, and for BAT, the tenant, it’s been business as usual.
Are there any Atterbury staff on the ground in Maputo to run operations?
No, the property is managed by Atterbury Asset Management from South Africa.
How much lettable space is there in the building, and how much space does BAT themselves occupy?
BAT occupies the entire site of 12 000sqm, which includes a building of 5 212sqm that has 1 275sqm of office space and 3 937sqm dedicated to manufacturing and warehousing.
As BAT is a global company, are there future possibilities for this relationship to benefit Atterbury in other territories?
Yes, the idea was to obtain development rights for all BAT facilities in Africa through a matter of association. BAT is a global tobacco company with more than 200 brands sold in over 200 markets.
