Attacq, the property group behind renowned retail hubs like Mall of Africa and Mooirivier Mall, is advancing its water resilience strategy through smart technology and backup solutions.
The company is investing R10 million to install 749 smart water meters across its portfolio by June 2025, integrating them into its Smart Utility Hub (SUH) for real-time monitoring of water and energy consumption.
The SUH platform enables data-driven decision-making by tracking water usage, renewable energy production from rooftop PV systems, and generator outputs. This digital integration enhances operational efficiency and resource management, ensuring sustainable operations across Attacq’s properties, which include Eikestad Mall, Glenfair Boulevard, Lynwood Bridge, and Waterfall Corner.
Water resilience is a priority for Attacq, aiming to reduce reliance on municipal supplies and mitigate risks from water scarcity and climate change.
The company is increasing its backup water capacity and implementing digital tools for leak detection and proactive monitoring.
Currently, 30.2% of its gross leasable area (GLA) has over five days of backup water, supported by 6,777 kL of storage. Attacq plans to expand this capacity to 12,583 kL, ensuring a five-day backup supply for 72.2% of its GLA.
These measures aim to secure emergency water supplies, minimize operational disruptions, and create a more sustainable environment for tenants and communities. By combining smart technology with strategic infrastructure upgrades, Attacq is strengthening its resilience and commitment to sustainability.
Attacq Reports Strong Interim Performance with 49.1% Growth in Distributable Income
Attacq delivered a robust performance for the six months ended 31 December 2024, with distributable income per share (DIPS) surging by 49.1% to 55.0 cents, compared to a 2.8% increase to 36.9 cents in the previous interim period (December 2023). This growth was driven by several strategic initiatives and operational improvements.
A key contributor to the strong results was the landmark R2.7 billion Waterfall City transaction, completed in October 2023, which saw the Government Employees Pension Fund (GEPF) acquire a 30.0% stake in Attacq Waterfall Investment Company Proprietary Limited (AWIC). The full impact of this transaction was realized during the interim period, compared to only two months in the prior comparative period.
Attacq also benefited from increased third-party asset and property management fees, higher cost recoveries, rental escalations, and reduced net finance costs due to debt repayments. Additionally, the group’s net operating income rose following the acquisition of the remaining 20.0% stake in Mall of Africa on 28 June 2024. This acquisition was funded through proceeds from the disposal of shares in MAS P.L.C. (MAS) and additional debt. Improved net municipal and diesel recoveries, driven by fewer days of loadshedding and the implementation of rooftop photovoltaic (PV) systems, further bolstered performance.
Development activity at Waterfall City remained a highlight, with 43,988m² of gross lettable area (GLA) under construction or in the approved pipeline, valued at R1.6 billion as of the period end. Bankable sales for Ellipse Waterfall exceeded 90.0% across all three phases, and the launch of the new residential scheme, Aspire, is scheduled for Q4 FY25.
During the interim period, Attacq also streamlined its portfolio by disposing of its Rest of Africa retail investments in exchange for a 4.3% interest in Lango Real Estate Limited (Lango). This move aligns with the group’s strategy to focus on core assets and enhance shareholder value.
Overall, Attacq’s strong interim results reflect its strategic focus on operational efficiency, portfolio optimization, and sustainable growth.
