JSE-listed Attacq and Sanlam Properties have formed a 20:80 joint venture (JV) to undertake a light industrial commercial and retail development in Waterfall, north of Johannesburg.
Some 114 ha of the 128 ha Waterfall land was allocated for light industrial commercial developments, with the balance to be used for retail purposes.
Attacq, which had the option of increasing its overall stake in the JV to 50%, and had already elected to increase its shareholding in the 14 ha retail development portion to 50%, would manage the development.
“The 114 ha of light industrial commercial land is ideally located for light industrial activity and distribution centres. The developments on this land will, in future, also benefit from further infrastructure development and the additional access links that are foreseen for the area to the south of Allandale road,” the JV partners said in a statement on Monday.
“Sanlam Properties works with partners, investors and tenants to maximise the financial potential of their business or property assets. In this JV with Attacq, we foresee good mutual returns from a long-term strong relationship in one of Gauteng’s fastest-growing business property nodes,” said Sanlam Properties CEO André Rheeder.
Attacq’s local development pipeline focused on Waterfall, which included Waterfall City, as the “new corporate headquarter” node of South Africa.
“Waterfall City still holds a lot of promise and exciting prospects with its new status as Gauteng’s most attractive new [destination for] corporate headquarters’, given its central location in Gauteng – the financial hub of South Africa,” said Attacq CEO Morné Wilken.