Attacq grows its dividend 17.2% as Waterfall City occupancy climbs to 94.9%

Attacq, the owner and developer of Waterfall City in Midrand and the Mall of Africa, grew normalised distributable income per share by 15.5% to 125.1 cents in the year to 30 June 2026. It declared a final dividend of 54 cents, which takes the full-year dividend to 102 cents, 17.2% higher than the year before. Revenue rose 9.3% and net operating income rose 7%, driven by contractual rental escalations, better letting, income from newly completed buildings and lower finance costs.

Occupancy keeps improving

Portfolio occupancy rose to 94.9%, up from 93.7% at the December 2025 half-year, and the company collected 99.8% of what it billed. For a portfolio concentrated in one Gauteng precinct, that is a strong sign that tenants are still choosing Waterfall. CFO Peter de Villiers was candid that conditions are not easy, saying the rental market "is still tough", and that Attacq lost "a year or two or three" to the pandemic before making "great inroads the last two years".

R2.2 billion still in the pipeline

Developments under construction and in the approved pipeline at Waterfall City total 85,247 m² of gross lettable area, valued at R2.2 billion at year-end. Attacq's model is to develop on land it already controls in the precinct, adding offices, logistics, retail and residential space in phases as tenants commit. For businesses weighing up the node, more new space should keep coming through over the next few years.

Own power and water as a leasing tool

Attacq is also investing in its own utilities. Rooftop solar capacity reached 18.5 MWp after 1.8 MWp was added during the year, and CEO Jackie van Niekerk said green energy supplied 13.7% of the group's power needs, up from 9.1% a year earlier. The company has started installing its own water supply, beginning with its highest-risk assets, and De Villiers estimated about 10 megalitres has been installed so far. He said water was "always a problem" given Gauteng's infrastructure constraints. In his view, reliable water does not immediately lift rentals, but it attracts tenants and shortens vacancy periods. For occupiers comparing buildings, backup power and water have become standard questions to ask.

See what is available in the node: offices to let in Midrand or all commercial property in Midrand.

Source: Eyewitness News, 15 September 2026.

Source: Engineering News, 15 September 2026.

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