Waterfall city: The Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), has committed approximately R2.7 billion to a mixed-use development in the Waterfall precinct, which is anticipated to support around 23,000 jobs.
According to South African Government News Agency, the development will include over 500 retail outlets, about 70 restaurants, and significant commercial and logistics operations. PIC Chairperson, Dr. David Masondo, emphasized the importance of such developments in enhancing the nation's economic infrastructure, drawing investments, and crafting dynamic spaces for businesses and communities to prosper.
Dr. Masondo, also the Deputy Minister of Finance, conducted a site visit to Waterfall City, describing the development as a significant post-1994 example of long-term, high-quality investment in South Africa's urban future. This visit is part of a broader national oversight program scheduled over the next three months, designed to showcase how pension fund capital is being directed towards infrastructure and other productive assets.
The Waterfall precinct is under the ownership of the Atterbury Waterfall Investment Company (AWIC), with Attacq Limited holding a 70% stake and the GEPF owning the remaining 30%. Dr. Masondo highlighted that the PIC's property investments cover a wide range, including large-scale commercial developments, affordable housing, inner-city regeneration, and support for emerging and black property developers.
Dr. Masondo further noted that the PIC's investment strategy is rooted in both financial sustainability and developmental impact, ensuring that investment decisions significantly contribute to a more inclusive economy. He expressed that the PIC sees its role as both guardians of public servants' pensions and active participants in South Africa's broader economic transformation, requiring a diverse, forward-thinking, and responsive portfolio.
Waterfall City represents just one of the numerous assets within the PIC's expansive, diversified, and development-focused portfolio. Dr. Masondo pointed out that beyond its flagship assets, the PIC's investment track record shows consistent support for black developers, affordable housing, and emerging players. The organization has backed Broad-Based Black Economic Empowerment (B-BBEE) developers in commercial property, supported black-led development platforms, invested in inner-city housing, and provided catalytic financing to small and medium contractors building affordable homes. He emphasized that transformation is not an afterthought but an integral aspect of the PIC's investment approach.
