The pensions of government employees own a 30% stake in Waterfall City in Northern Johannesburg, which is one of the nation’s premier property destinations.
Waterfall City is home to South Africa’s busiest mall, Mall of Africa, the PwC tower and a host of other residential and office developments.
As reported by MyBroadband, the 2,200-hectare precinct is unique as it lies on land that cannot be bought or sold as it is a waqf, an Islamic charitable endowment.
Every resident and business operates under a 99-year leasehold agreement rather than freehold or sectional title ownership.
Attacq owns leasehold interests in Waterfall City through a 70%-owned subsidiary. Its investment property valuation in the precinct grew by 3.8% to R14.8 billion by the end of 2025.
The Government Employees Pension Fund (GEPF), which is managed by the Public Investment Corporation (PIC), acquired the remaining 30% stake in the owner of Waterfall City in 2023.
The PIC bought a 30% stake in Attacq Waterfall Investment Corporation (AWIC) in a deal valued at R2.7 billion, made up of R2.4 billion in cash and an additional R300 million as a shareholder loan.
The PIC is South Africa’s largest asset manager, with R3 trillion in assets under management.
These assets are primarily from the GEPF, meaning government employees’ funds carry significant weight in South African markets.
Major plans for the development
Deputy Finance Minister David Masondo, who is also the chair of the PIC, conducted an oversight visit to Waterfall City.
Masondo called Waterfall City one of the PIC’s flagship investments and a “clear demonstration of how pension fund capital can be deployed to build South Africa’s economic future.”
The precinct itself supports just under 23,000 jobs and anchors a vast amount of retail, commercial, logistics and residential activity at scale.
“What stands out about Waterfall City is not only its size, but its role in shaping a modern, competitive and sustainable urban economy,” the Deputy Minister said.
“This is the kind of infrastructure South Africa needs to attract investment, unlock growth and support businesses to thrive.”
He noted that the PIC is deliberate in how it deploys capital and plans to conduct further oversight visits in the coming months to its major investments.
“We are active stewards of public servants’ savings, ensuring that every investment is well-governed, value-accretive, and contributes meaningfully to economic development and transformation,” he said.
While the PIC is prominent across South African markets, many of its investments have struggled. This includes chicken producer Daybreak Foods, which is under business rescue, and the PIC plans to exit.
Waterfall City is undergoing a series of further developments, including Aspire Waterfall City, which was launched in May 2025 and is the group’s next residential development.
The development follows the success of the Ellipse Waterfall residential development and will comprise a 20-storey residential tower, with a mixed-use component. AWIC holds a 25% stake in the development.
Waterfall City will also soon get a new conference centre and hotel, which will be on the south-eastern corner of Mall of Africa.
Another upgrade involving the Mall of Africa is the repurposing of the existing public transport facility on the western side of the mall to accommodate the ultra-luxury food retailer, The Pantry.
