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  • Compiled by Karl Gernetzky

Waterfall City owner says focus on power, water helped with double-digit dividend growth

Waterfall City owner Attacq has upped its 2023 dividend by double-digits, reporting continued demand for its flagship development and attributing the strong performance of retail tenants to their ability to trade through load shedding.

Distributable income rose 14.5% to about R507 million to end-June, with the company reporting on Thursday it has raised its distribution per share 16% to 58c.

Since listing 10 years ago, Attacq's SA portfolio has grown from 19 buildings to 52, with its SA portfolio worth about R20.3 billion at the end of June. Waterfall City, which includes the Mall of Africa, accounts for about two-thirds of this. Other assets include the Garden Route Mall in the Western Cape and the Mooirivier Mall in the North West.

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