Atterbury scraps plan to sell Grove Mall
Property company Atterbury has scrapped plans to sell its Grove Mall of Namibia, a prime retail asset valued at N$1.8 billion, opting to retain ownership after securing new equity.
The decision, confirmed by Atterbury’s Executive Director, Lucille Louw, halts a deal previously brokered by Stratus Capital Partners and Bard Santner Markets, as reported by The Herald in July 2022. Louw described the mall as a strong-performing asset, signalling confidence in its continued value to the company.
“We have taken the Grove Mall off the market. The asset has not been sold; we simply removed it from the market. We managed to secure some equity for the company and that allowed us to withdraw it from sale,” Louw said in a brief telephonic interview.
She reiterated that Grove Mall is a quality asset performing well.
Built by Howard and Chamberlain Architects, with investment from Atterbury Property, Attacq Ltd, The Frontier Property Trust and Demushuwa Property Developer, Grove Mall is located within the Hilltop mixed-use estate in Kleine Kuppe. It is the largest shopping centre ever developed in Namibia, spanning 52 000 square metres.
In 2011, the bulk earthworks for the mall and the construction of a new irrigation reservoir for the City of Windhoek were completed. Actual construction, led by Murray & Roberts Namibia, began on 1 November 2012. The mall officially opened on 23 October 2014. The total investment amounted to approximately N$1.1 billion, and around 700 jobs were created during construction.
The decision, confirmed by Atterbury’s Executive Director, Lucille Louw, halts a deal previously brokered by Stratus Capital Partners and Bard Santner Markets, as reported by The Herald in July 2022. Louw described the mall as a strong-performing asset, signalling confidence in its continued value to the company.
“We have taken the Grove Mall off the market. The asset has not been sold; we simply removed it from the market. We managed to secure some equity for the company and that allowed us to withdraw it from sale,” Louw said in a brief telephonic interview.
She reiterated that Grove Mall is a quality asset performing well.
Built by Howard and Chamberlain Architects, with investment from Atterbury Property, Attacq Ltd, The Frontier Property Trust and Demushuwa Property Developer, Grove Mall is located within the Hilltop mixed-use estate in Kleine Kuppe. It is the largest shopping centre ever developed in Namibia, spanning 52 000 square metres.
In 2011, the bulk earthworks for the mall and the construction of a new irrigation reservoir for the City of Windhoek were completed. Actual construction, led by Murray & Roberts Namibia, began on 1 November 2012. The mall officially opened on 23 October 2014. The total investment amounted to approximately N$1.1 billion, and around 700 jobs were created during construction.
