Waterfall City owner Attacq reported that it was on track to deliver distributable income per share growth of 24%-27% for the full year, driven by a stronger occupancy rate of 93.2% and a robust collection rate of 100%.
The group reported solid monthly trading density growth of 2.2%-7.2%, and concluded 25,483m² in effective new leases, bringing the total to 32,657m².
Notable additions include Boogertman & Partners and Tiger Brands at The Ingress, its collaboration-focused hub, the group said in its pre-close operational update for June.
The owner of Mall of Africa reported that it was focused on refinancing to reduce borrowing costs and extend loan maturities to support long-term growth. The group expected an interest cover ratio above 2.5 times, gearing below 30%, and liquidity exceeding R1bn for the 2025 financial year.
The group renewed leases with the Auditor-General of SA, Cell C, and the SA Revenue Service, and generated 86 turnover rental invoices for the retail segment in the 2025 financial year. The beauty section continued to be an outperformer across Attacq’s centres.
While The Ingress, a commercial office park in Waterfall City, Midrand, successfully completed its phase 3, it also delivered strong rental yields. The collaboration hub was 50% pre-let within three months and finished on time and budget, the group said.
Looking ahead, Attacq said that it has a development pipeline totalling 65,707m², which includes the Aspire residential project and other developments. Total capital expenditure for these projects stands at R1.3bn, covering client-led logistics, logistics spec developments, the Gateway West collaboration hub, and client-led logistics at Waterfall Junction.
“We have completed the water connection at Waterfall Junction and are continuing active demand management through logging, leak detection and integrating water data loggers into our Smart Utility Hub. Additionally, we are implementing five days of resilience and backup facilities across all our buildings to ensure uninterrupted operations,” the group said.
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