Attacq accelerates growth as Waterfall City development pipeline hits R2.1bn

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11-03-2026
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Business Day
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Group’s regional retail hubs maintain strong performance beyond Mall of Africa

Attacq’s Waterfall City is expanding rapidly, with a construction and approved development pipeline valued at about R2.1bn, as it furthers its position as South Africa’s leading mixed-use development.

The projects include the completion of the Vantage data centre Galileo, the fourth tower of Ellipse Waterfall adding 220 residential units, and the ongoing construction of Gateway East offices.

The next residential project, Aspire Waterfall City, comprising 217 units, has already pre-sold 145 units, the group said in its six-month results for the year to end in December.

“Development activity across the precinct remains robust, with 86,507 square metres under construction and in the approved pipeline, valued at around R2.1 bn. Waterfall City’s effective share represents 47,256 square metres of gross leasable area, with a capital investment of R1.3bn,” the group said.

The board declared an interim dividend of 48c per share, representing a 79.6% payout of distributable income.

Meanwhile, gross revenue rose to about R1.6bn, with rental income around R1.5bn. Net operating income increased to about R940m while like-for-like performance remained steady. The net asset value attributable to equity owners stood at R13.5bn, or R19 a share.

Collections remained consistently strong at 100.1%. Retail-experience hubs maintained high occupancy levels of 97.8% while collaboration hubs recorded occupancy of 88.4% as many businesses are returning to work full time, it said.

Portfolio trading density increased to R4,349/square metre, driven by an increase in total tenant turnover to R15.3bn, while the rent-to-turnover ratio remained stable at 6.7%. Gearing remained low at 25.1%.

Mall of Africa continued to cement its position as one of South Africa’s leading retail destinations, driven by strong tenant demand and ongoing brand investment. During the period, the mall added five new international and premium brands, including Coach, Kate Spade, Silky, Kids Around, and Bootlegger, it said.

Beyond Mall of Africa, Attacq’s regional hubs continued to perform well. Eikestad Mall in Stellenbosch, Garden Route Mall in George and MooiRivier Mall in Potchefstroom all benefited from strong tenant demand, targeted refurbishments and placemaking initiatives, with MooiRivier Mall recording 7.6% growth, said.

“We enter the second half of the year with strong momentum. Our strategy remains firmly focused on South Africa, with Waterfall City as our primary growth engine, supported by a robust portfolio across the rest of the country,” the group said.