The flourishing Waterfall City commercial, logistics and residential hub on the edge of Johannesburg is to get an infusion of ZAR20 billion.
Last year the developer – real estate group Attacq’s Waterfall Investment Company – sold a 30% stake in the Waterfall development to the Government Employees Pension Fund (GEPF), the biggest pension fund on the continent, for ZAR2.7 billion.
On announcing the latest ZAR20 billion investment, Attacq CEO Jackie van Niekerk told Bloomberg, ‘I’ve got a partner that’s got deep pockets’.
Attacq doesn’t immediately plan to issue further debt to finance the upcoming construction, according to Van Niekerk.
The 2 200 ha mixed-use Waterfall City development is home to an array of well-known companies, including PwC, SAGE, Accenture, Deloitte, Novartis, BMW, Dis-Chem, Cummins, Dimension Data, Vantage, Cisco and Cotton On. The Mall of Africa is also located there.
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