Mall of Africa owner Attacq reports solid growth as Watefall City expands

Attacq, owner of Mall of Africa in Waterfall City, has reported a solid rise in earnings for the six months to end-December 2025.

The SA-based real estate investment trust (REIT) said this was underpinned by continued momentum in Waterfall City.

Distributable income per share rose 9.6% to 60.3 cents, and the interim dividend was up 9.1% to 48.0 cents.

Attacq reported high occupancy of 93.7% and collections of 100.1%.

Stephen Grootes interviews Peter de Villiers Chief Financial Officer of the mixed-use precinct developer.

De Villiers describes Waterfall City, which includes commercial, logistics and residential development, as "a unique value proposition".

"Of course we've done some residential developments, and towards the end of last year we completed a speculative office development which has filled up quite nicely... We're bringing off another one, Gateway East, which is about 10,000 square metres which is also leasing out well."

De Villiers acknowledges that the office market is still extremely competitive, with Attacq also going head-to-head with other business hubs like Sandton in Johannesburg.

He notes that the drive to return to the office and also some hybrid working models are helping to drive office demand.

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