Attacq to focus on Waterfall City pipeline as mall milestone nears
JSE-listed capital growth property fund Attacq will retain its focus on its development pipeline in Waterfall City, Midrand, with the opening of the super-regional mall, Mall of Africa, considered a key strategic milestone for the company.
Mall of Africa, with a value of R4.9-billion on completion, is fully tenanted and remains on track to open on April 28.
The 131,000- m2 Mall of Africa – South Africa’s biggest single-phase mall development – is the largest project and the anchor development within Waterfall City and “is destined to soon be a real retail drawcard for Waterfall”, Attacq CEO Morné Wilken says.
“The opening of the Mall of Africa . . . will be a true tipping point for Waterfall City and the catalyst for further development,” Wilken says.
The company’s conservative estimates indicate that about 15 2million people a year will visit the mall, which is strategically located near the N1 highway.
The company’s South African portfolio includes Newtown Junction, in Johannesburg, Waterfall Business Estate, in Midrand‚ Garden Route Mall, in George, and Eikestad Precint, in Stellenbosch, as well as a 25% share in Brooklyn Mall, in Pretoria.
Attacq’s total asset value increased by 32.4% to R27.1-billion in the six months to December 31, compared with R23.3-billion as at June 30, while net rental income increased by 25.5% to R531-million for the six months ended December 31.The company’s international assets increased by 72.8% to R6.4-billion.