“A matter of association” is so much more than a slogan at Atterbury; the people and businesses we associate with enrich the company’s growth and expansion on many different levels. One of the longest-standing associations is with Takis Christodoulou, a South African-born and -raised businessman of Cypriot extraction who has collaborated with the Atterbury Europe team since the very beginning. He shares some of his memories.

 

How did you originally cross paths with Atterbury Europe? We believe you were involved in the first property investment made by Atterbury Europe?
I’ve been in the property industry for over 47 years, and my company has become one of the larger retail developers in Pretoria. I’ve known Louis van der Watt and Atterbury since 2004 and have enormous respect for what they have achieved.

When we embarked on the investment in Cyprus, Atterbury Property had not yet established Atterbury Europe. With Atterbury’s expansion into Africa, it was evident to me that the next obvious move had to be Europe.

I knew Cyprus well – both my parents were born on the island, and I have many relatives there. To put Cyprus into context, the country has a population of about a million and the economy and industry is largely controlled by around 15 families, who are involved in retail-related industries. The country is a member of the European Union and had a GDP of around US$23.5 billion in 2021, which is projected for 2022 to reach around US$25 billion. The GDP per capita in Cyprus for 2021 was around US$30 000.

Over the years I’ve built up close relationships with many Cypriots, many of whom are highly successful and influential individuals. In 2014, during one of my visits, one such friend brought a property portfolio to my attention that had become available as a result of the banking crisis. The properties were similar in many respects to a Sandton-type node, and I recognised the enormous potential.

I presented the opportunity to Louis and his associates, Gideon Oosthuizen and James Ehlers, and in June 2014 we travelled to Cyprus. There we met the potential sellers, and then sat down with a trusted lawyer friend of mine of 35 years’ standing.

The importance of relationship-building and local partnerships was immediately apparent. Laying these foundations with trusted legal representation on the ground allowed us to proceed with confidence. A key consideration when venturing into new territory/jurisdictions is to recognise that there are differences in culture, ways of working and ethics to those that we know and practice in South Africa. We knew it would be very important to be briefed and advised correctly from a local legal perspective.

Over the next months, I facilitated follow-up meetings, including with the Bank of Cyprus, and we found that my involvement, as a Cypriot local, was an important element in establishing trust and getting the wheels rolling. Henk Deist, Martin Olivier and I became the team who saw to the negotiations and the due diligence on Atterbury Europe’s behalf, and we worked closely together, and flew back and forth for the next year until the deal was finally signed.

Did you ever think back when you first met Louis that the relationship you formed with the company would still be going strong in 2022?
I truly believe that relationships are key to achieving success in life.

And I believe the success of the Cyprus deal is testament to the power of teamwork over the year of negotiations; with all of us playing to our strengths. Henk as a former banker, who is very knowledgeable in finance was instrumental in the dealings to obtain the bank loan, while Martin facilitated due diligence by methodically checking every detail to ensure the envisaged returns would be achieved. My relationships in Cyprus worked to our advantage with introductions that allowed the others to build their own enduring personal relationships.

Of course, then Cyprus became a stepping stone to open opportunities for Atterbury Europe into other European countries, and Serbia and Romania followed.

I have been a board member of Atterbury Europe’s Cypriot companies from the start, and it has always been very rewarding – we all have the same goal and work together as a team to achieve evolving success. This goes for all of Atterbury. The company’s strong ethos of morals, trust and respect is a golden thread throughout the Atterbury family. This, in my opinion is behind the continuous success and growth of Atterbury.

What is your take on Cyprus’ rise as an investment destination, and in your mind, what makes it such a good fit for Atterbury Europe?
Cyprus is a former British colony and almost everyone speaks English, which is also the language in which legal and contractual matters are conducted – this is key to us.

As a member of the European Union, Cyprus provides free access to expand within the second largest grouping as a continent in GDP after the US – a population in excess of 500 million. This increases the opportunity for Atterbury Europe to move freely over 27 countries which are well-developed in infrastructure offerings and opportunities for them.

There is a large ex-pat community from South Africa numbering around 25 000. The climate is similar to South Africa and Cypriots generally have a good sense of humour, which we South Africans can relate to. Cypriot hospitality, the delicious local food, and the picturesque setting all adds to the appeal.