Public Investment Corporation (PIC) chairperson Dr David Masondo visited Waterfall City, one of South Africa’s leading mixed-use developments, describing it as a powerful post-1994 example of long-term, high-quality investment in the country’s urban future.

Situated in Midrand, Gauteng, the Waterfall precinct is owned by the Attebury Waterfall Investment Company (AWIC), which is 70% owned by Attacq and 30% by the Government Employees Pension Fund (GEPF).

The PIC, on behalf of the GEPF, has invested about R2.7-billion in the AWIC.

Hosted by the AWIC, the site visit provided an opportunity to engage directly with one of Gauteng’s most dynamic precincts; a development that brings together commercial, residential, retail and green infrastructure in a single, integrated urban ecosystem.

“Waterfall City reflects the kind of scale, vision and execution that South Africa needs as we build modern, sustainable and competitive cities,” said Masondo.

He noted that developments of this calibre play an important role in strengthening the country’s economic infrastructure, attracting investment, and creating vibrant spaces for business and communities to thrive.

“As the PIC, we have a responsibility to invest in assets that are resilient, well-governed and capable of delivering long-term value. Waterfall City is an example of that investment discipline in practice.”

Masondo emphasised that such developments form part of a broader and carefully balanced property portfolio, through which the PIC supports growth, inclusion and transformation across the sector.

“Our property investments span a wide range of activities; from large-scale commercial developments to affordable housing, inner-city regeneration, and support for emerging and black property developers.”

He added that the PIC’s approach is anchored in both financial sustainability and developmental impact, ensuring that investment decisions contribute meaningfully to a more inclusive economy.

“We see our role as both custodians of public servants’ pensions and participants in South Africa’s broader economic transformation. That requires a portfolio that is diverse, forward-looking and responsive to the needs of the country.

“Waterfall City is just one of the many assets under the PIC’s portfolio. The PIC’s property portfolio is broad, diversified, and developmental. Beyond flagship assets, our investment record shows clear and sustained support for black developers, affordable housing and emerging players.

“We have backed broad-based black economic empowerment developers in commercial property. We have supported black-led development platforms.

“We have invested in inner-city housing and provided catalytic financing to small and medium contractors building affordable homes. Transformation is not an afterthought; it is built into how we invest,” Masondo further said.

This visit marks the first in a series of engagements across the country.

Over the next three months, Masondo will undertake further oversight visits to key assets nationally, reinforcing the PIC’s commitment to accountability, transparency and ensuring that investments deliver both financial returns and meaningful socioeconomic impact.