The Waterfall City of Attacq continues to attract quality local and global blue chip corporate clients

Africa Shopping Center. Image source: Tripadvisor

Attacq, the REIT developing JSE-listed Waterfall City today announced the resumption of dividends of 50.0 cents per share for the year to the end of June 2022, representing a payout ratio of 80%, as well as an increase in distributable income per share of 34.2% to 62.8 centimes.

Attacq said his performance was particularly satisfactory in the context of South Africa’s record unemployment levels and low growth environment, and highlighted the underlying quality of the portfolio, characterized by continued growth in the Waterfall City’s growing mixed-use neighborhood that continues to attract quality businesses. top-notch local and global corporate clients.

Over the past year, we have emerged from COVID-19 with an improved corporate culture and capital structure. We are now focused on new opportunities, primarily through the implementation of our environmental plan, in support of sustainable growth within our portfolio and the achievement of the purpose and vision of the company,” says Jackie van Niekerk, CEO of Attacq.

“A key ingredient to success has been the formulation and execution of our ‘hub’ strategy, which focuses on building segmented hubs of retail experience, collaboration and logistics that are smart, secure and sustainable.”

Other highlights include the conclusion of an amended lease agreement on space at the Cell C collaboration hub, subject to the completion of the recapitalization of Cell C, of ​​(24,955 m2), whereby the he Cell C campus warehouse (14,014 m2) was re-let at market price. related rents for a period of three years.


Attacq continues to ensure a quality rental income stream, as evidenced by the high proportion of international commercial clients with several blue-chip global companies, including Amazon Web Services, Cisco, Pfizer and Ericsson move to Waterfall City during the year.

Space utilization in Waterfall City and Lynnwood Bridge precinct, our largest collaboration centers, continues to increase as businesses return to the workplace.

Active capital allocation and balance sheet management

Commenting on the balance sheet and capital allocation, Raj Nana, financial director of Attacq, adds “During financial year 22, Attacq managed to deleverage its balance sheet, carried out several developments and increased its distributable profit. In addition, lower interest charges, higher rent collections and the receipt of a dividend from the investment in MAS contributed to an increase in total distributable income per share of 34.2%. »


The Group’s interest-bearing borrowings decreased by 18.7% while its net asset value per share increased by 11.0% to R17.49 (2021: R15.75 per share).

A cautious but encouraging outlook – investors and customers are looking for quality

At the macro level, there are a number of headwinds, including poor business confidence, high unemployment, rising inflation and rising interest rates, which are likely to limit economic growth. Despite these headwinds, the portfolio should continue to generate revenue growth, coupled with improved funding and liquidity positions, given the improved capital structure.

Attacq’s resilient portfolio is diversified by geography, sector and asset class, and, with its exposure to high-quality, defensive retail and residential properties, and complemented by high-quality office developments, is well positioned to grow further as consumers and businesses seek quality and convenience in their work, home and leisure destinations.

With this in mind, Attacq’s decision to halt its The Mix residential development projects and redouble its efforts on additional phases of the Group’s flagship development, Ellipse Waterfall, has paid off.

Ellipse Waterfall
Ellipse Waterfall

To date, Ellipse has achieved over R1 billion in sales to date since its launch in July 2021 and has already seen its first residents move into the mixed-use residential centre.

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