{"id":378619,"date":"2020-03-03T10:10:58","date_gmt":"2020-03-03T08:10:58","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=378619"},"modified":"2020-03-03T10:10:58","modified_gmt":"2020-03-03T08:10:58","slug":"waterfall-city-developments-top-r2-4-billion-including-a-massive-new-warehouse-for-nespresso","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/378619\/waterfall-city-developments-top-r2-4-billion-including-a-massive-new-warehouse-for-nespresso\/","title":{"rendered":"Waterfall City developments top R2.4 billion – including a massive new warehouse for Nespresso"},"content":{"rendered":"

JSE listed property group Attacq has published its interim financial results for the six month period ended December 2019.<\/p>\n

Attacq is a South African-based Real Estate Investment Trust (REIT) which has a local portfolio comprising retail, office and mixed-use, light industrial and hotel properties – all of which delivered strong results despite what the group called a “subdued operating environment” over the six month period.<\/p>\n

The average trading density for the year ended 31 December 2019 increased by 5.7%, while the Mall of Africa continued to perform well with a 10.1% growth in trading density.<\/p>\n

Net profit from property operations, excluding the IFRS adjustment for straight-line leasing and profits from the sale of sectional title units, increased by 16.7% to R745.2 million (31 December 2018: R638.7 million). On a like-for-like basis, net operating income increased by 7.6%.<\/p>\n

Rental income increased by 12.6% to R1.1 billion (31 December 2018: R1.0 million) due to the additional rental income from the buildings completed during the FY19 and FY20 years as well as in-force escalations and vacancies filled. Like-for-like rental growth of 8.1% was achieved.<\/p>\n

It announced an interim dividend of 45.0 cents per share for the period.<\/p>\n

The group noted that its core distributable earnings per share increased by 23.9% to 49.8 cents per share; however, the it decided to declare a dividend of 45.0 cents per share and retain the balance to fund capital expenditure.<\/p>\n

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W<\/strong>aterfall City<\/strong><\/p>\n

During the period, six buildings were completed in Waterfall City with a primary gross lettable area (PGLA) of 18,642 square metres.<\/p>\n

Waterfall City is one of the biggest investments in the group’s portfolio and is where it expects to derive a lot of future earnings upon completion of the many projects in its pipeline.<\/p>\n

The centrally located node has another six buildings under construction, including the Deloitte head office, Waterfall Corporate Campus office park, Ellipse Waterfall, Nexus Courtyard Hotel as well as a newly revealed Nespresso warehouse.<\/p>\n

The Deloitte head office reached practical completion on 31 January 2020. The six-storey, 42,500 square metre office building will welcome about 3,200 new employees as of 1 April 2020.<\/p>\n

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“Attacq continues to create an urban environment within Waterfall City and is particularly excited about Ellipse.<\/p>\n

“Ellipse is the new iconic high-rise luxury apartment development in the heart of Waterfall City, spread over four towers. Construction of 269 units has commenced with expected completion in Q1 FY2022,” it said.<\/p>\n

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Over the six month period, six projects have been completed, with lease agreements taking effect. These include:<\/p>\n