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Attacq’s bold future vision for Waterfall City in Midrand

07 Jul 2016

Attacq on Tuesday announced the way forward for their business marked by new joint ventures that will expand their Waterfall development footprint and also accelerate internalisation of the management function.

The unveiling of their ‘refreshed brand’ heralded in the bold business strides. Morné Wilken, Chief Executive Officer of Attacq, said this is a “big milestone in any company’s journey” and the new logo colour palette of red and grey denotes confidence in their future sustainability as a leading capital growth fund in the real estate sector.

The unveiling of their ‘refreshed brand’ heralded in the bold business strides. Morné Wilken, Chief Executive Officer of Attacq, said this is a “big milestone in any company’s journey” and the new logo colour palette of red and grey denotes confidence in their future sustainability as a leading capital growth fund in the real estate sector. 

He said the new brand resonates with their “creative approach to business”’ and supports the Attacq business philosophy of “Develop, Invest and Grow”. As the new financial year starts, he noted this was an “opportune” time to launch the brand refresh, together with other engagement tools and a new website.

Attacq, founded in 2005, acquired the Waterfall development rights in 2008 and listed on the Johannesburg Stock Exchange (JSE) in 2013. The company has a total asset value of more than R27.1 billion with offshore assets in excess of 24% of gross assets and market capitalisation of over R15 billion. Attacq’s portfolio includes commercial and retail property investments and developments, and Waterfall in Midrand is the “jewel in the African crown”.

The 131 000sqm Mall of Africa in the heart of Waterfall City, which opened in April 2016 and is the largest single-phase mall development on the continent, is 80% owned by Attacq. On average, the footfall is currently around 30 000 people a day, with 60 000 or more visitors on weekends. Wilken believes Waterfall is the best located land in Gauteng for development and said it continues to garner support from tenants and the public alike.

Attacq takes reins for future development of Waterfall City

The 131 000sqm Mall of Africa in the heart of Waterfall City, which opened in April 2016 and is the largest single-phase mall development on the continent, is 80% owned by Attacq.

A strategic decision to accelerate the internalisation of management of the Waterfall development will allow Attacq to take full control of the strategic planning, marketing and roll-out for the Waterfall developments.

Attacq will take over the exclusive development rights from Atterbury as of 1 July 2016 and has been putting together their own management team, appointing Pete Mackenzie, who has over 25 years of experience in the property development and investment sector, as head of developments.

Previously at Atterbury and involved with Waterfall’s infrastructure planning and implementation as well as managing a number of the commercial property developments, Morné Whitehead will also join the Attacq team. Existing developments under management of Whitehead will be taken over by Attacq with no further fees being payable to Atterbury on these developments, said Wilken.

“From a practical point of view, the completion of certain developments in the ground will remain the responsibility of Atterbury, so Atterbury will continue to earn the remaining development fees in respect of these developments,” he explained.

Wilken said in addition to the benefits of taking full control of Waterfall’s development management, Attacq will also effectively earn fees from its property developments.

Joint ventures with Sanlam and Equities herald development expansion

The 26-storey PwC office tower building in Waterfall City is under construction and completion expected in early 2018.

On 4 July, Attacq and Sanlam Properties announced a joint venture (JV) for further light industrial commercial and retail developments in Waterfall. Sanlam will hold 80% and Attacq, 20%, however, Attacq has the right to increase its shareholding to 50%, which has already transpired on the retail land.

The transaction involves acquiring 28ha of Waterfall land from Attacq as well as adjacent land of 100ha from the Mia family, thus securing 128ha of land for development on the eastern side of the N1 freeway and south of the Allandale interchange. The area has access to the road and rail infrastructure of central Gauteng’s economic development zone.

Wilken said 114ha will be for light industrial commercial developments and 14ha for retail, and Attacq will manage the roll-out.

Attacq has also entered a strategic partnership with Equities representing a value of R728 million to pursue opportunities, both local and outside South Africa, in the industrial property sector. They aim to unlock certain ‘greenfield’ developments around SA, consistent with Attacq’s value proposition of developing properties as part of its strategy of being a capital growth fund and earning development profits.

So what’s in the pipeline?

In South Africa, the focus is on Waterfall as the new corporate headquarter node of SA. The 26-storey PwC office tower building in Waterfall City is under construction and completion expected in early 2018.  Corporates that have already moved in include Premier Foods, Novartis, Group Five, Diageo, Cell C, Altech, Digistics, Massbuild, Cipla, MB Technologies, Dräger S.A, Westcon Group, Medtronic, Cummins, and Honda Motor SA.

“Waterfall City still has a lot of promise and exciting prospects with its new status as Gauteng’s most attractive new corporate headquarters’ destination given its central location in Gauteng - the financial hub of South Africa,” said Wilken. - Julia Hinton

About the Author
Julia Hinton

Julia Hinton

Editor at Property24.com

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