On 11 March 2025, Attacq Limited, the JSE-listed REIT (Real Estate Investment Trust) and strategic development partner of Waterfall City, announced an exceptionally strong set of financial results for the six months ended 31 December 2024, with distributable income per share (DIPS) having increased by 49.1% to 55.0 cents and a 46.7% higher interim dividend of 44.0 cents declared.
WORDS & PHOTOS: SUPPLIED
Jackie van Niekerk, Attacq CEO, said: “The period saw us continuing to execute against our Horizon 2030 strategy. The all-round solid performance for this half demonstrates our commitment to being a leading precinct owner and developer, creating vibrant, sustainable spaces for communities and businesses. Our efforts are reflected in our increased gross revenue and rental income achieved, improved cost-to-income ratio from 25.4% to 22.4% and the new blue-chip clients attracted to our precincts.
Raj Nana, Attacq CFO, said: “Our strategic growth trajectory will continue into the second half, backed by our robust balance sheet, which was supported by a successful initial public auction under our DMTN programme and strategic debt refinancing undertaken during the period. We’ve made an upward revision to our full-year DIPS guidance to between 24.0% and 27.0%, driven by several key factors. The full-year benefit of implementing our Waterfall City transaction with the GEPF and the acquisition of the remaining 20.0% of Mall of Africa will contribute significantly to the Groups continued growth. Additionally, our net operating income is growing due to increased revenue from managing co-owned properties, as well as higher market rentals. Furthermore, the impact of our installed PV systems underway will support the increase in electricity recovery ratio and improve operational resilience.”
DIPS from Waterfall City rose by 10% to 26.3 cps, driven by higher net operating income and increased interest in Mall of Africa. DIPS from the Rest of South Africa, surged by 125% to 29.7 cps, and significantly reduced net finance costs.
Gross revenue rose by 6.2% to R1.5 billion with group rental income having grown by 15.1% to R1.5 billion, mainly due to higher rental escalations and an additional 20% interest in Mall of Africa. Like-for-like rental income increased by 7.7%.
The Group delivered positive net operating income growth of 9.2%. The installation of additional rooftop PV systems and real-time utility monitoring through the Smart Utility Hub (SUH) led to an improved municipal recovery ratio of 94.6%, up from 88.6%.
Collaboration hubs’ return
Attacq’s commitment to infrastructure investment and a precinct-focused approach continues to attract top-tier clients that need high-quality offices with operational resilience and cost efficiency but also prioritise wellness and safety of employees.
Demand for collaboration hubs continues to rise, driving growth in market rentals. Over the past six months, Attacq collaboration hubs have welcomed global organisations such as Pragma, Organon, Nokia, Chieta, Bayer and Siemens Energy with the occupancy rate for collaboration hubs post period end increasing to 89.5% from 87.7%.
Additionally, Attacq continued to elevate the shopping experience in its retail portfolio by introducing new brands and enhancing existing retail spaces. In its retail-experience hubs, 15 new stores were introduced and 41 were refurbished, welcoming brands such as United Colors of Benetton, Decathlon, and Freedom of Movement. Evidencing the attractiveness of its assets, the retail portfolio reported a rolling 12-month trading density growth rate as at 31 December 2024 of 4.1% during the period with trading densities beating the Clur Shopping Centre Index over a 2-year period.
Driving water solutions for Attacq’s future
Attacq is rapidly scaling its backup water capacity in response to South Africa’s growing water challenges. By 2026, all Attacq’s assets will have backup water capacity between 2 to 5 days, ensuring water security across the portfolio and supporting business continuity and long-term resilience.
The Group is progressing with the installation of 2.9MWp of rooftop PV systems, on track to achieve its goal of 7MWp. Improving the company’s energy mix, renewable energy is expected to make up 9.3% of total consumption in FY25 (up from 6.8% in June 2024).
Boosting efficiency with digital integration, its SUH monitors energy, water, and renewable production in real-time. By June 2025, Attacq will install 749 smart water meters across the portfolio and integrate them with SUH for better resource management and resilience.
During this period, Mall of Africa became the world’s largest retail mall to achieve EDGE Advanced certification, recognising its 53.0% energy savings and 28.0% reduced water usage. At MooiRivier Mall in Potchefstroom, refurbishments, water solutions, rooftop PV systems, and upgraded parking have led to a 24.1% increase in trading density and a 19.4% rise in the mall’s value over three years.
“We are proud of our strong performance this year, which reflects our commitment to sustainable growth and strategic execution. Our focus on client satisfaction, operational efficiency, and innovative developments, have driven tremendous growth, delivering value to our stakeholders and enhancing the client experience”, concludes van Niekerk.
Top picture: The rooftop PV system at Mall of Africa, Waterfall City – Attacq is proud to announce that Mall of Africa has become the largest retail mall globall yto achieve EDGE Advanced Certification for sustainability.
