ATTACQ LIMITED - Voluntary retail trading performance and capital structure update

Voluntary retail trading performance and capital structure update

ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq")


VOLUNTARY RETAIL TRADING PERFORMANCE AND CAPITAL STRUCTURE UPDATE


Attacq wishes to provide an update on its retail portfolio's trading performance and progress made in improving its
capital structure.

South African portfolio – retail

As noted in the interim results, the operational performance for the first six months of the 2021 financial year was
significantly impacted by the COVID-19 pandemic's second wave of infections and the implementation of further
national lockdown restrictions. The easing of lockdown restrictions of the South African economy from 1 March 2021
has contributed to a recovery in trading conditions with a marked improvement in trading density growth at our retail
centres with all our clients (tenants) being able to trade with minimal restrictions.

The trend in the retail portfolio’s monthly trading densities from January 2021 to March 2021, together with the
comparative monthly trading densities for 2019 and 2020, is provided below:

                  Mar-    Mar-     Mar-
                    21      20       19     Mar-21    Feb-21   Feb-20   Feb-19  Feb-21     Jan-21   Jan-20   Jan-19   Jan-21
                                            vs Mar-                             vs Feb-                               vs Jan-
 Centre           R/m2    R/m2     R/m2     20 (%)    R/m2     R/m2     R/m2    20 (%)     R/m2     R/m2     R/m2     20 (%)
 Mall of Africa   3 081   2 317    3 295     33.0     2 772    2 795    2 658    (0.8)     2 401    2 794    2 742    (14.1)
 Brooklyn Mall    2 712   2 535    2 505      7.0     2 547    3 068    2 940   (17.0)     2 262    2 846    2 801    (20.5)
 Eikestad Mall    3 048   2 705    2 700     12.7     2 402    3 182    3 052   (24.5)     1 925    2 775    2 546    (30.6)
 Garden Route
 Mall             2 720   2 340    2 594     16.2     2 575    2 572    2 366     0.1      2 737    3 082    2 864    (11.2)
 MooiRivier
 Mall             2 714   2 543    2 570      6.7     2 538    2 932    2 562   (13.4)     2 191    2 804    2 649    (21.9)
 Glenfair
 Boulevard        5 802   6 365    5 465     (8.8)    4 603    4 986    4 944    (7.7)     5 081    4 780    4 962      6.3
 Lynnwood
 Bridge           5 577   4 930    4 685     13.1     5 415    5 011    4 562     8.1      5 506    4 830    4 517     14.0
 Waterfall
 Corner           5 001   5 494    4 030     (9.0)    4 358    4 375    3 943    (0.4)     3 732    5 269    3 532    (29.2)
 Effective
 portfolio
 (weighted
 average)         3 163   2 760    3 085     14.6     2 856    3 039    2 846    (6.0)     2 625    3 089    2 921    (15.0)


Capital structure

Euro-denominated debt
Post 31 December 2020, Attacq has settled EUR35.8 million of its euro-denominated debt out of proceeds from the
disposal of MAS Real Estate Inc. shares, significantly de-risking of the foreign exchange risk on its balance sheet.
Attacq is in the process of extending the 31 July 2022 maturity of the remaining euro-denominated debt
(EUR20.0 million).

Assuming the abovementioned euro debt repayment had taken place on 1 July 2020, Attacq's interest cover ratio would
have improved from 1.40 times to 1.43 times and its gearing ratio at 31 December 2020 would have improved from
46.3% to 44.1%.

Rand-denominated debt
Attacq has proactively commenced with refinancing its syndicated loan of R3.3 billion secured by the portfolios of its
subsidiaries, Attacq Retail Fund Proprietary Limited and Lynnwood Bridge Office Park Proprietary
Limited, R2.9 billion of which matures during the 2022 calendar year. Management has undertaken a request for
proposal ("RFP") process for R3.0 billion thereof. The RFP was significantly oversubscribed, and allocations have
been awarded and communicated to the RFP respondents. The legal process is currently underway, and the refinance
is expected to be implemented by 30 June 2021. The balance of the syndicated loan amounting to R0.3 billion is
expected to be repaid with proceeds from the sale of assets, with a resulting improvement in portfolio covenant levels.

The information contained in this announcement has not been reviewed or reported on by Attacq's external auditors.

3 May 2021


Sponsor
Java Capital

Date: 03-05-2021 07:05:00
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