Coinciding with the launch of JSE-listed capital growth property fund Attacq’s refreshed brand, which includes a new logo in red and grey, the company has announced that it will accelerate the internalisation of the Waterfall development management function to enable Attacq to take full control of the strategic planning, marketing and roll-out of the Waterfall developments.
Attacq will drive the development of Waterfall City and its world-class infrastructure as the African headquarters destination for years to come, noted Attacq CEO Morné Wilken at a media briefing in Waterfall City earlier this month, adding that the company would continue to develop the city over the next 10 to 15 years.
“Attacq and Atterbury have agreed to amend the existing development management agreement to terminate the exclusivity of Atterbury’s appointment as development manager to Waterfall, effective July 1,” explained Wilken.
In anticipation of the expiry of the exclusivity period, Attacq has assembled its own development team, which includes Attacq head of developments Pete Mackenzie, who has more than 25 years’ experience in the property development and investment sector.
As part of the internalisation of the development function, Attacq has also appointed Morné Whitehead, who was previously with Atterbury. Whitehead has been involved with Waterfall for the past five years and was instrumental in Waterfall’s infrastructure planning and implementation, and managed a number of Waterfall’s commercial property developments.
“From a practical point of view, the completion of certain developments . . . will remain the responsibility of Atterbury so [it] will continue to earn the remaining development fees in respect of these developments,” he added.
As part of the transaction, Attacq has also sold its 10% remaining shareholding in Atterbury back to the company.
In addition to the benefits of taking full control of Waterfall’s development management, Attacq will also effectively earn fees from its property developments.
Attacq’s new “modern and vibrant” logo was supported by a recognisable icon element to identify and differentiate Attacq both in the real estate segment and the investment world, said Wilken, adding that the company’s refreshed brand “denoted confidence in our future sustainability and is akin to the investment leadership position Attacq has carved for itself as a successful listed capital growth fund”.
The brand milestone coincided with significant strategic strides taken by the business, which included Attacq concluding a 20:80 joint venture transaction with JSE-listed specialist industrial real estate investment trust Equites in relation to eight completed industrial properties at Waterfall valued at R728-million.
The transaction forged a strategic partnership between Equites and Attacq for the purpose of jointly pursuing opportunities in the industrial property sector in and outside South Africa, Wilken said, believing that this could result in a “close strategic alliance” and “potential synergies” with the company.
The parties would be able to pursue and unlock certain greenfield developments in South Africa, which was consistent with the Attacq group’s value proposition of developing properties as part of its strategy to be a capital growth fund to earn development profits.
Attacq and Sanlam Properties earlier this month also announced a 20:80 joint venture property transaction for further light industrial commercial and retail development in Waterfall.
The JV had acquired 28 ha of Waterfall land from Attacq and an additional adjacent 100 ha from the Mia family, securing a total of 128 ha of usable land on the eastern side of the N1 freeway and south of the Allandale interchange.