Continued Waterfall City investment yields solid returns for Attacq

Attacq – the master developers of Waterfall City in northern Joburg – on Tuesday raised its full-year guidance to between 11% and 14% after delivering strong interim results for the six months ended 31 December 2025.

This is on the back of its investment into the new city paying off as the mixed-used precinct develops further with new commercial, retail, residential and hospitality properties being rolled out.

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The JSE-listed real estate investment trust (Reit) reported a 9.6% increase in distributable income per share (Dips) to 60.3 cents on Tuesday. The outcome was mostly driven by contractual rental escalations, improved occupancy levels, income from newly developed buildings, and lower net finance costs.

Gross revenue increased by 8.9% to R1.6 billion and rental income rose by 4.9% to R1.5 billion. Net operating income increased by 5.2% to R936.9 million.

Attacq declared an interim dividend of 48 cents per share, representing a payout ratio of 79.6% of distributable income.

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“Our interim results reflect continued delivery against our strategic priorities. Our portfolio continues to perform strongly, and we are seeing the benefit in our performance,” commented Jackie van Niekerk, Attacq’s CEO.

“Market rentals are growing, our development pipeline is active, and our balance sheet is in good shape. We are confident that we are firmly positioned as a catalyst for sustainable growth driving value for our stakeholders,” she added.

Development momentum 

Attacq said it achieved practical completion of Galileo, the fourth and final tower in the Ellipse Waterfall residential-centred project, which it has co-developed with Joburg-based Tricolt over the last few years. The final tower adds 220 residential units to the precinct and almost 97% of units have been sold to date.

Van Niekerk said these developments form part of a broader pipeline aimed at strengthening Waterfall City’s position as one of South Africa’s leading mixed-use precincts.

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

In addition, construction of the Gateway East offices has commenced and the next residential development, Aspire Waterfall City, has been launched. The twenty-story development includes 217 units, with 145 units pre-sold to date. There is also a new hotel and convention centre planned.

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Across the completed South African real estate portfolio, Attacq said occupancy improved to 93.7% and 92.5% of leases expiring in the period were successfully renewed, reflecting strong client demand across the group’s retail, ‘collaboration’ (office) and logistics hubs.

Beyond Mall of Africa, Attacq’s regional retail hubs continued to perform well. MooiRivier Mall recorded 7.6% growth in trading density and a 2.4% increase in footfall, while Garden Route Mall delivered 2.9% trading density growth and is virtually fully let.

Eikestad Mall also continued to perform well with 3.3% trading density growth and occupancy of 97.9%, supported by store upgrades.

Attacq’s share price

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