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Focused progress


  • Completed two new office buildings and five new industrial buildings in Waterfall, adding 27 701m2 PGLA to our South African portfolio
  • Launched Ellipse, Waterfall, our first residential offering in Waterfall City, supporting the 'live, work, play' concept
  • Recycled capital from Rest of Africa retail investments via AttAfrica's disposal of Achimota Retail Centre in Ghana. An additional disposal was realised post-year end. Strategy to exit Rest of Africa is aligned with AttAfrica's co-shareholders
  • Included in the FTSE/JSE Responsible Investment Top 30 Index


  • Revised strategy to a more focused approach, ahead of converting to a REIT
  • Completed four new buildings in Waterfall, adding 70 914m2 PGLA to our SA portfolio
  • Internalised development management function
  • Included in FTSE/JSE Responsible Investment Index (FTSE4GOOD)
  • Recycled R1.9 billion capital by exiting investments in Cyprus, Serbia, Pemba and eight industrial buildings


  • Completed 13 buildings in Waterfall, Lynnwood Bridge precinct and Newtown precinct, adding 150 850m2 PGLA to our SA portfolio
  • Refinanced our retail portfolio using R3.2 billion of existing debt
  • Raised USD51.0 million debt facility
  • Recycled capital: disposed of three properties in the Retail Africa Wingspan Investment portfolio, and our interest in Rapfund Holdings Proprietary Limited



  • Converted to a REIT
  • B-BBEE level 2, rating under the revised property sector codes
  • Revised executive management (exco) team
  • Completed five new buildings and one extension in Waterfall, adding 103 541m2 PGLA to our SA portfolio
  • SAPOA awards for best corporate development for PwC Tower and best industrial development for BMW Group SA Regional Distribution Centre
  • Successfully refinanced R5.7 billion of debt
  • Recycled R524.0 million capital by exiting investments in Artisan, Stenham and Grove Mall of Namibia


  • Mall of Africa opened as the largest first-phase mall development in South Africa
  • Completed seven new buildings in Waterfall, adding 127 198m2 PGLA to our SA portfolio
  • Partnered with:
    • Sanlam Life Insurance Limited (Sanlam)
    • Zenprop Property Holdings Proprietary Limited (Zenprop)
  • Acquired 25.0% of Ikeja City Mall, Nigeria
  • Recycled R1.3 billion capital by selling the remaining 50.0% of Great Westerford (Western Cape), our investment in Mauritius and a number of MAS shares
  • Invested in Cyprus and Serbia