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Attacq expects to grow its distributable income per share (DIPS) 11%-14%, driven by ongoing development expansion in one of South Africa’s premier mixed-use smart city precincts, Waterfall City.In its pre-close update for the year to end-June, the group reported 87,516m² of gross lettable area (GLA) development activity, backed by about R2.1bn in capital investment, spanning a client-led warehouse, Pantry, Aspire residential units, and the City Lodge expansion, as well as a R750m hotel and conference centre.The hotel and conference centre will be developed in partnership with Rabie Property Group, adding hospitality and events capacity to the node, while supporting demand across surrounding office developments.The group will roll out The Pantry by Marble as its first major street-level retail activation in the node, with the concept set to open towards end-2026 near the Mall of Africa precinct.(Dorothy Kgosi) The group continued to demonstrate precinct dominance, with trading activity and footfall improving over the past year, while trading density grew by 4.8%, underscoring steady growth across its retail nodes and sustained consumer demand.It reported an 8% increase in non-GLA income, with recurring fixed charges (RFC) rising to R37.6m, while development activity totalled 48,013m² of GLA at a cost of about R1.3bn.The group said residential demand remains strong for its Aspire Waterfall City development, which is still in the pipeline but already 70% sold and 61.3% bankable, reflecting a steady appetite for housing in the node.Some of the completed developments include the Vantage data centre and Ellipse Waterfall phase 3 (Galileo Tower), a residential tower in the broader Ellipse Waterfall development, further expanding the group’s footprint in the Waterfall City precinct.During the period, the group raised R1bn through its second domestic medium-term note issuance, aimed at reducing its overall cost of debt.The group is also adding a fourth entrance into Waterfall City’s inner city, now under construction, as part of the conversion of collaboration hub rights into new residential opportunities, unlocking further housing within the precinct, it said.
