The REIT has resumed its dividends and plans to roll out the next phase OF Waterfall City.
Attacq has resumed its dividends this year after THEY had been suspended during the Covid-19 pandemic. The group announced a 50 cents per share dividend, representing a payout ratio of 80 percent.
“We’ve strengthened the balance sheet significantly over the past year and have a substantial liquidity position,” says CFO Raj Nana. “We’re comfortable and pleased with our position to resume the dividend.”
Raj explains that the REIT has seen a marked improvement in the retail trading environment, and that discounts provided to tenants in the previous year have reduced significantly this year.
He says despite the number of headwinds the industry still faces, what has held Attacq in good stead has been prudent balance sheet management. “We reduced our debt early on the interest rate hiking cycle and, with hindsight, it was very good timing.”
With South Africa experiencing loadshedding at up to level 7, Raj explains that Attacq has installed a number of PV plants across the portfolio which is assisting in the cost mitigation of running generators.
The REIT has continued its development of Waterfall City, and with the completion of its first data centre in the precinct, phase two is expected to be launched in the first quarter of 2023.
“We recently launched our rebranding of Waterfall City, emphasising the true purpose of the project, which is to bring communities together in a dynamic and vibrant urban environment that meets their personal and professional needs and offers them quality of life,” Raj says.
“We are also looking to launch the final phase of our highly successful Ellipse residential development next month, and have signed a PPA for 15MWp with a solar farm in the Northern Cape,” he adds.
Raj explains that the solar project will be implemented over the next 12 to 18 months, and will allow clients in Waterfall to access much cheaper and greener power.
“We look to do more transactions like these and find other adjacent business opportunities to real estate,” he concludes.
