PIC backs Waterfall City as model for long-term urban investment

David Masondo, chair of the Public Investment Corporation (PIC), has described Waterfall City as a compelling example of high-quality, long-term investment in South Africa’s urban future.

During an oversight visit to the Midrand precinct, Masondo characterised the development as reflecting the scale and vision necessary to build modern, sustainable and competitive cities in the post-1994 era.

The Waterfall precinct is owned by the Attacq Waterfall Investment Company (Awic), which is a partnership between Attacq Limited (70%) and the Government Employees Pension Fund (GEPF) (30%).

Acting on behalf of the GEPF, the PIC has invested approximately R2.7 billion into the company.

This substantial capital injection does more than anchor the physical infrastructure; it currently sustains just under 23 000 jobs, reinforcing the development’s role in strengthening the country’s economic backbone.

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Balanced approach

While Waterfall City stands as a flagship asset, Masondo emphasised that it is part of a “carefully balanced” and “diversified” property portfolio designed to drive both financial returns and socio-economic impact.

The PIC’s investment discipline extends beyond large-scale commercial hubs to include inner-city regeneration, affordable housing, and catalytic financing for small and medium-sized contractors.

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Continued Waterfall City investment yields solid returns for Attacq

Masondo was clear that transformation is a core component of the PIC’s investment identity rather than an afterthought.

The organisation’s record includes sustained support for black-led development platforms and broad-based black economic empowerment (B-BBEE) developers in the commercial sector, ensuring that investment decisions contribute to a more inclusive economy while safeguarding public servants’ pensions.

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Commitment to transparency and oversight

The visit to Waterfall City is said to mark the beginning of a nationwide series of engagements.

Over the next three months, the PIC chair is scheduled to conduct further oversight visits to key assets across South Africa.

These visits are intended to reinforce the corporation’s commitment to accountability and transparency, ensuring that its vast portfolio continues to be responsive to the developmental needs of the country.

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