Two South African property companies has acquired a 33% stake in a €259 mln portfolio of seven Serbian shopping centres.
Two South African property companies has acquired a 33% stake in a €259 mln portfolio of seven Serbian shopping centres.
The investment was carried out by Atterbury Europe, a partnership between South African developer-asset manager Atterbury Group and a group of European investors, and Johannesburg-based real estate developer-investor Attacq.
Vendor MPC Properties will retain the remainder of the portfolio, which includes the country’s largest mall, Ušæe Shopping Centre in Belgrade as well as four smaller centres in Belgrade and two assets in the city of Subotica.
In addition, the parties have seeded a 50/50 fund to develop a pipeline of retail real estate assets in Serbia and neighbouring countries in the Balkans.
'Atterbury Europe’s partnership with MPC furthers our goal to develop and invest in shopping centres in Central and Eastern Europe, with an immediate focus on fast-developing Eastern European markets,' said Louis van der Watt, CEO of Atterbury Group.
Atterbury Europe made its first landmark investment in July 2015 with the purchase of a €200 mln retail portfolio in Cyprus.
