Asset Magazine: Shaping places around people

When Jackie van Niekerk, Chief Executive Officer of Attacq Limited, talks about Waterfall City, she moves the conversation quickly from square metres to people. It is a perspective that sits at the heart of Horizon 2030, the strategy that sets out Attacq’s aim to be South Africa’s most trusted precinct developer and owner. For a JSE-listed REIT whose flagship Waterfall City precinct combines offices, malls, warehouses, hotels, and homes, that ambition shapes how the group plans, builds, leases, and manages every property in its portfolio.

South Africa’s corporate office clients want spaces their teams will choose over working from home, retailers want centres that give shoppers a reason to stay, and logistics operators want secure, well-serviced sites close to their markets.

“Increasingly, they want all of it in the same place — and that is exactly where a precinct-focused business should be strongest,” says Van Niekerk.

The results for the year ended 30 June 2026 suggest the approach is paying off:

• Distributable income per share grew by 15.5% to 125.1 cents.
• Dividends rose by 17.2% to 102.0 cents.
• Portfolio occupancy climbed from 91.6% to 94.9%, reflecting a net gain of 28,478 m² of let space.

The group’s six mixed-use precincts — spanning from Waterfall City in Gauteng to Eikestad Mall in Stellenbosch — welcome 51 million visitors a year. At that scale, Attacq’s stated purpose, ‘creating places that put people first’, has practical consequences. Every part of the business, from development and leasing to finance and governance, plays a role in how those places perform.

The Precinct Advantage

“Waterfall City is where people can really see what we mean by a precinct,” says Jackie van Niekerk. “You have offices, Mall of Africa, warehouses, hotels and homes all within walking distance of each other. When a prospective client visits, we don’t start with the building. We take them for a walk, because the precinct is what they’re really buying into.”

A client based at Waterfall City gains access to Mall of Africa, a growing hospitality offering, dependable infrastructure, and a community of other businesses within walking distance. Attacq plans, builds, and manages all of it, enabling clients to focus on their core operations.

Attracting the right businesses is a deliberate part of the strategy.

“Every great mixed-use precinct is built with the right partners,” says Debbie Theron, Head of Business Development. “When leading businesses choose to be here, they bring people, energy and opportunity that the whole precinct shares.”

Where Work Comes First

Attacq calls its offices ‘collaboration hubs’, a name reflecting their architectural and functional design: workspaces featuring terraces, cafés, and nearby amenities designed for teams who want to connect in person. Demand for these spaces is growing as more businesses transition staff back to the office full-time.

“The conversations we have with clients have changed,” notes Van Niekerk. “They’re thinking about how to get their people back into the office and keep them there, so they ask about the coffee shop downstairs, the walk to the mall, and what happens after five. Those are precinct questions, and that’s where we can help.”

Michael Clampett, Asset and Property Management Executive, agrees:

“People do not come back for a desk. They come back for each other, and our collaboration hubs are designed to make that connection easy.”

Among the new clients who made Waterfall City their home this year are Tiger Brands, Boogertman & Partners, IOCO, Novonesis, and Huge Group. Existing assets are also receiving continuous investments; at the Allandale Building, upgraded lobbies with collaborative breakout spaces and newly activated common areas helped secure 2,734 m² of new and expanded leases with CHIETA and Nokia.

Waterfall City Logistics & Residential Growth

• Logistics Performance: Portfolio occupancy across Attacq’s logistics hubs rose from 86.4% to 97.2% during the year. New leases were signed at the K101 warehouse and a newly completed midi warehouse, with Rayal Packaging and Sinotile filling previously vacant spaces. Phase 1 of Waterfall City Junction has been proclaimed, and a 22,142 m² warehouse is currently under construction in a joint venture with Sanlam.
• Residential Developments: A growing number of residents now call the precinct home. Ellipse Waterfall is 98.1% sold, while 75.6% of units in Aspire — a 20-storey residential tower featuring street-level retail and a pedestrian piazza — have already been snapped up.

More Than a Shopping Trip

Mall of Africa marked its tenth anniversary this year, completing its first ten-year lease renewal cycle. It achieved a 5.7% rental growth on renewals, while trading density grew by 3.9% to R4,880/m². Attacq operates the mall — and its broader retail portfolio — as a retail-experience hub where shopping is only one dimension of the visitor journey. Across the entire portfolio, retail hubs were 97.7% occupied at 30 June 2026.

New brand offerings and experiential events continuously drive foot traffic:

• Brand Additions: Orlando Pirates and Liverpool FC opened physical stores at Mall of Africa this year, drawing launch-day queues.
• Incubation via SOOK: SOOK, the mall’s flexible space for online and emerging brands, has hosted 75 brands over three years. Notably, streetwear giant GALXBOY began its retail footprint in SOOK before opening its own standalone store.
• Cultural Events: The Halaal Goods Market at Waterfall City Park boosts footfall by 35%, with visitors spending an average of 108 minutes at Mall of Africa during market days. Additionally, a 5-week Bafana Bafana World Cup pop-up and the Waterfall City Half Marathon (which drew 8,000 runners) brought vibrant energy to the precinct streets.

“Buildings give a precinct its shape, but people give it its spirit,” says Janine Palm, Social Executive. “Our events give everyone another reason to be here.”

Integrated Mobility: The Izinga Transport Hub

Accessibility at Waterfall City took a significant step forward with the opening of the Izinga Transport Hub at Mall of Africa on 5 March 2026. The facility integrates public taxis and delivery services into one structured, secure space equipped with electric vehicle charging stations, free Wi-Fi, and upgraded ablution facilities. It serviced 125,800 vehicles in its first month, peaking at 149,124 vehicles in July 2026.

Designing for How People Move

Creating cohesive urban spaces requires intentional master-planning before construction begins.

“We never design a building on its own,” explains David Oosthuizen, Development Executive. “Before we draw a floor plate, we ask how people will arrive, where they will stop for coffee, and how they will move between the office, the mall, and the park. Get that right, and every building we add makes the whole precinct stronger.”

Over the past two years, Attacq has refined Waterfall City’s urban framework to enhance walkability and integrate street-level retail and dining:

• Pantry by Marble: A former taxi facility on Karkloof Crescent is being transformed into Pantry by Marble, a R54 million premium convenience destination scheduled to open in early 2027.
• Active Streetfronts: Together with street-level retail at Aspire, Karkloof Crescent is evolving into a lively shopping boulevard. “By turning infrastructure into attractive street-front retail, we help shape our city into a lively, walkable precinct,” says Van Niekerk.

Infrastructure & Resilience

Attacq has committed R1.2 billion toward infrastructure development at Waterfall City, including a fourth city entrance currently under construction and the K60 dual carriageway, expected to complete in January 2028.

Equally vital is utility reliability, overseen by Lourens du Toit, Head of Sustainability, Infrastructure, and Land:

“A precinct needs power and water that people never have to think about. We plan for clean energy and a reliable water supply from day one, so our places keep working for years to come.”

This infrastructure was put to the test in late January when Waterfall City experienced a municipal water outage lasting an entire week. Thanks to a 450,000-litre rainwater and groundwater harvesting tank system at Mall of Africa and integrated backup capacity, every office, shop, and hotel remained fully operational without requiring water deliveries.

This year, the group added 5.3 megalitres of backup water capacity. Furthermore, renewable energy — including 18.5 MWp of rooftop solar PV — now supplies 13.7% of the group’s total energy requirements (up from 9.1% the previous year).

From Waterfall City to the Rest of South Africa

Attacq replicates its precinct model across its regional developments:

• Lynnwood Bridge (Pretoria East): Open-air walkways, destination restaurants, and a theatre position the development as a social and cultural anchor.
• MooiRivier Mall (Potchefstroom): As South Africa’s only mall built directly over a river, recent upgrades to its riverfront promenade allow shoppers and visitors to sit and engage with the natural surroundings.
• Eikestad Mall (Stellenbosch): Collaborates with neighbouring property owners to co-fund urban management, sanitation, and security, ensuring a safe town center.
• Garden Route Mall (George): Opened a dedicated multi-modal transport hub for commuters.
• Social Impact (CSI): Attacq feeds over 1,000 young children daily and built new classrooms at Phuthumani Primary School in Thembisa.

The Numbers Behind the Places

Placemaking directly impacts long-term financial performance: 92.9% of Attacq’s clients whose leases came up for renewal this year chose to remain in their spaces.

“Places that people love stay full,” says Peter de Villiers, Chief Financial Officer. “That is good for our clients, good for our investors, and good for our precincts.”

Financial Summary:

• Gearing: Ended the year at 25.0%.
• Interest Cover: Improved to 3.21x.
• Credit Rating: Reaffirmed at A+ (ZA) by GCR with a stable outlook.
• 2027 Outlook: Guidance for distributable income per share growth set at 6.0% to 9.0%.
• Development Pipeline: R2.2 billion (~85,000 m²) in approved developments at Waterfall City.

“Horizon 2030 is a long-term plan, so it’s encouraging to see it showing up in the numbers this early,” says Van Niekerk. “Occupancy is up, most of our clients are renewing, and the balance sheet is strong enough to keep investing. That gives us the confidence to keep building.”

Major Upcoming Projects

• Gateway East (Waterfall City): A 12,605 m² collaboration hub featuring dining space overlooking the Mall of Africa piazza. Currently nearing completion at the precinct’s primary entrance, with 49.1% let and a further 24.4% under offer.
• Pantry by Marble & City Lodge Expansion: Early 2027 (includes a 55-room expansion at City Lodge).
• Waterfall City Conference Centre & Hotel: Late 2027. A R634.3 million development undertaken in partnership with Rabie Property Group, bringing a 180-room hotel and convention facility (The Encore).
• Aspire Residential & Retail: Completion targeted for 2028.

Where Living Works

Waterfall City’s core positioning is ‘where living works’. By 2028, with the conference centre, hotel, and residential developments online, the precinct will host more residents, workers, and visitors than ever before.

“We want to be the company people think of first when they picture a great place to work, shop and meet,” concludes Jackie van Niekerk. “Placemaking is how we get there.”