Attacq's Largest Mall Tips South Africa Retail to Oversupply (1)
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When Attacq Ltd. snips the ribbon on its Mall of Africa in Johannesburg on Thursday, it will add to an oversupply of retail space that threatens to topple the best returns among South Africa’s real estate investment trusts.
The 5 billion-rand ($345 million) center north of the city will add 130,000 square meters (1.39 million square feet) of stores, the largest first-phase mall development in southern Africa, according to Attacq. South Africa has more than 23 million square meters in shopping center space, placing it 7th globally and ahead of all the countries in continental Europe, with another 2 million square meters under construction or planned, according to Urban Studies, a Johannesburg-based property market research firm.