Attacq and the Government Employees Pension Fund (GEPF) have progressed in their R2.7bn deal for the GEPF to acquire a 30% stake in Waterfall City precinct.
- The deal has been finalized through binding legal agreements, pending approval by shareholders.
- The GEPF, represented by the Public Investment Corporation (PIC), will obtain a 30% stake in Attacq Waterfall Investment Company (AWIC), which includes Attacq’s real estate portfolio and development rights in Waterfall City.
- The deal includes a cash component of R2.4bn and an additional R300m as a shareholder loan.
- Attacq will benefit from the financial resilience provided by the GEPF’s stake, securing funding for ongoing developments at Waterfall City.
- Attacq has engaged in joint ventures for various development projects in Waterfall City, including the Waterfall Corporate Campus, Cotton On head office, distribution center, and the Vantage data center.
- The proceeds from the deal will be used to settle AWIC’s debt and reduce the overall gearing of Attacq Group.
- Attacq plans to refinance the remaining debt on more favorable terms to optimize its investment capacity for future developments.