Waterfall City continues to benefit real estate investment trust (REIT) Attacq, which is investing heavily in the city’s future growth.
Touted as a “world-class smart city”, Waterfall City is a collaboration, logistics, retail and residential hub located in Midrand, Gauteng.
The city houses well-known developments like Mall of Africa, the PwC Tower, Deloitte HQ, and Ellipse Waterfall luxury apartments.
JSE-listed REIT Attacq manages and develops the precinct, holding a 70% stake in the precinct’s development company, Attacq Waterfall Investment Company.
On Tuesday, 10 March, Attacq released its results for the six months through December 2025, the first half of its 2026 financial year.
The REIT reported strong results, with gross revenue up 8.89% to R1.58 billion.
The company recorded a total comprehensive profit of R737.70 million for the six-month period, up 10.75% from the first half of its 2025 financial year.
The group reported that its interest cover ratio improved to 3.15 times, up from 2.95 in June 2025, supported by higher net operating income and lower funding costs.
Attacq’s gearing remained stable at 25.1%, only slightly down from 25.3% in June 2025.
While Attacq’s basic earnings per share fell by over 10% to 90.1 cents, its distributable income per share (DIPS) rose 9.6% to 60.3 cents.
The company said its DIPS growth was driven by higher NOI from contractual rental escalations, improved occupancy levels, income contributions from newly completed developments and lower net finance costs.
“The group also benefited from increased recoveries of municipal charges, supported by the continued rollout of rooftop PV system installations,” it said.
Attacq’s DIPS growth was also largely driven by a standout performance from Waterfall City, which grew its distributable income by 17.5% to R216.09 million, or 30.9 cents per share.
In contrast, Attacq’s operations in the rest of South Africa did not perform as well, with distributable income down 0.7% to R206.33 billion, or 29.5 cents per share.
Attacq’s other investments made a loss per share of 0.1 cents, though this marks an improvement from its 1-cent per share loss in December 2024.
The first half of Attacq’s 2026 financial year saw the REIT invest heavily in its standout performer, Waterfall City.
In the six-month period, around 11,151 m² of gross lettable area (GLA) for data centre space was added to Waterfall City following the completion of the Vantage data centre.
In addition, Ellipse Waterfall Phase 3, Galileo tower, was completed, adding 220 residential units to the precinct. Of these, 96.8% have been sold, and 194 units have been transferred to date.
Attacq also reported that development activity at Waterfall City remains strong, totalling 86,507 m² of GLA, valued at R2.1 billion.
Attacq’s effective share of this amounts to 47,256 m² of GLA, with an effective cost of R1.3 billion.
On the back of these strong results, Attacq declared an interim dividend of 48 cents per share.
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Autor(en)/Author(s): Bianke Neethling
Dieser Artikel ist neu veröffentlicht von / This article is republished from: Daily Investor, 10.03.2026
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