Attacq plans major $1.1 billion expansion of Waterfall City hub

Timilehin Adejumobi -
Key Points
  • Attacq commits R20 billion ($1.1 billion) to expand Waterfall City, aiming to make it Johannesburg’s top business and residential district.
  • A strategic partnership with GEPF, holding 30%, strengthens Attacq’s financial position and supports Waterfall City's growth.
  • Attacq focuses on infrastructure, sustainability, and retail, including acquiring 20% of Mall of Africa for R1.07 billion ($58 million).

Attacq Limited, a JSE-listed real estate investment trust led by South African executive Jackie van Niekerk, has announced a major expansion of its flagship Waterfall City development, pledging R20 billion ($1.1 billion) to transform the area into Johannesburg's leading business and residential district.

Strategic partnership with GEPF

Attacq’s ambitious growth plans have gained significant momentum through a strategic partnership with the Government Employees Pension Fund (GEPF), which holds a 30 percent stake in the development’s subsidiary.

This collaboration is seen as a crucial source of financial strength for Attacq as it seeks to address South Africa’s infrastructure challenges and position Waterfall City as a major business hub in the northern suburbs of Johannesburg.

In an exclusive interview, CEO van Niekerk emphasized the importance of the partnership, saying, “I’ve got a partner that’s got deep pockets.” The partnership is not only expected to enhance Attacq’s balance sheet but also reduce debt and gearing ratios, creating a solid foundation for continued growth.

Waterfall City’s growth and impact

Spanning 2,200 hectares, Waterfall City is already home to major multinational corporations, including PwC, Deloitte, and Accenture, along with luxury residences, hotels, and a private hospital. Attacq's assets in the precinct, valued at over R13 billion ($718 million), include shopping malls, data centers, and logistics parks.

With the GEPF’s involvement, Attacq plans to further develop the area and address the ongoing challenges posed by South Africa’s failing municipal services, which have led many businesses and residents to seek private solutions for essential services like water and power.

Sustainability and future plans

As part of its growth strategy, Attacq has made significant investments in infrastructure, including roads, to support Waterfall City’s expansion. The company is also focusing on sustainability, incorporating solar power across key buildings in the development.

In a move to strengthen its retail presence, Attacq recently acquired the remaining 20 percent of the Mall of Africa from Atterbury Group for R1.07 billion ($58 million), adding to its growing portfolio. Additionally, Attacq plans to divest its stakes in shopping mall assets in Ghana and Nigeria, further consolidating its focus on the South African market.

As Attacq continues to invest in Waterfall City’s future, the project’s scale and vision signal a growing commitment to transforming Johannesburg’s northern suburbs into a world-class business and residential destination.