Founded in 2005 with a gross asset value of R600m, Atterbury IH is a capital growth fund which invests in new developments and properties with upside potential. Atterbury IH has enjoyed steady growth coupled with external acquisitions, increasing its gross assets to over R7,9bn by December 2010. To date the fund’s shareholders have enjoyed compounded growth of 22,26% per annum. Atterbury IH is in the unique position of having acquired significant portions of land or interests in developments through its strategic relationship with sister company Atterbury Property Developments, which provide for additional development profit, capital and income growth. This includes its 80% share of the Waterfall project, with rights of 1,4m m² developable bulk on both sides of the N1 highway between Allandale offramp and the Buccleuch interchange in northern Johannesburg.

The fund has 42 properties, a net asset value per share of R8.04 and market capitalisation is R4,7bn as at December 2010, with a historic forward yield of 9.3% and gearing at 35%.

Atterbury IH’s direct portfolio includes the 72,000m² Lynnwood Bridge mixed-used development comprising four-star hotel, A-grade offices, retail and the Atterbury Theatre. It owns the adjoining Glenfair Shopping Centre; Investec’s Pretoria regional office; Brooklyn Bridge; Trevenna and the DTI Campus building in Mandela Development Corner; Hampton Offices Park in Bryanston. Atterbury House in Cape Town CBD and Great Westerford, the former Southern Life headoffice in Rondebosch. Atterbury IH also invests in refurbishment or redevelopments. Two such opportunities recently completed are Glenfair Centre – Lynnwood, Pretoria and Deville Centre – Durbanville, Cape Town.

In addition, Atterbury IH also has a portfolio of indirectly held assets through investment in other (soon–to-be) listed and unlisted property funds, notably 40% shareholding in Attfund, which is being bought by Hyprop Limited. The Hyprop transaction excludes international assets in Attfund, to be acquired by Atterbury IH in 50/50 JV with Parkdev, and Garden Route Mall to be acquired solely by Atterbury IH.

Other unlisted investments include 50% of REACH, with the four original founders of Retail Africa, which comprises two funds focused on smaller retail centres and 65% investment in Abacus Holdings (Pty) Ltd which owns interests in three top shopping centres.

The fund has developed an international focus to provide a currency and geographical hedge by way of direct investment, including 8% interest in Nova Eventis Shopping Centre, Leipzig, Germany; Proposed 50% in Attfund International with investments in Karoo Investment Fund (UK assets) and an investment in MAS Plc.

The Bagatelle mixed-use development in Mauritius forms part of Atterbury’s Africa strategy. Bagatelle consists of retail, commercial and residential components. Completion of the 35,000m2 Bagatelle - Mall of Mauritius, is expected in September 2011.