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Attacq inks R2.7bn deal with PIC for investment in Waterfall City

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Property group Attacq said on Thursday it has inked a R2.7 billion deal with the Government Employees Pension Fund (GEPF) that will see state pensioners take a 30% stake in a subsidiary which owns Waterfall City.

The group intends on utilising the proceeds to settle R2.2 billion of debt in AWIC and about R500 million of debt in the rest of the group.

Upon implementation, the group expects the debt reduction to result in a decrease in its gearing from 38% to about 26.3%. Gearing refers to indebtedness, comparing debt to equity.

 

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