Attacq reports 15.3% increase in H1 revenue

Property group Attacq has reported a 15.3% increase in revenue for the six month period to 31 December 2021. In a recent interview on CNBC Africa, the CEO of Attacq, Jackie van Niekerk, discussed the company's performance, strategy, and market trends. During the interview, van Niekerk highlighted the successful repositioning of Attacq's strategy and the positive interim results that reflect this strategic shift. She emphasized the impact of the pandemic on the real estate industry and how Attacq has adapted to the changing market conditions. Van Niekerk pointed out the major shift in the office market due to the pandemic and the rise of hybrid work models. She discussed how Attacq is responding to these trends by offering flexible leasing options to tenants, such as plug-and-play spaces and green-efficient offices. The CEO also noted the growing demand for safe and functional office spaces, even as the traditional office market shrinks. In terms of retail performance, van Niekerk highlighted the trading density growth in various precincts, including Waterfall, Mall of Africa, and Lynnwood Bridge. She mentioned the impact of government lockdown policies on consumer confidence and expressed cautious optimism due to the current interest rate and inflationary environment. When discussing visitor trends at Mall of Africa, van Niekerk mentioned a decline in international and African continent shoppers but noted an increase in local visitors, especially on weekends. She observed a return of office workers to the area, leading to a pickup in weekday trade at the mall. The conversation then shifted to rental reversions, with van Niekerk acknowledging the challenges of lease renewals during the pandemic. She discussed the impact on rental negotiations and highlighted the recent stability in the market, leading to improved reversion rates for Attacq. Regarding future developments, van Niekerk mentioned a focus on high-quality retail precincts and emphasized a cautious approach to new retail mall developments. Instead, she highlighted the demand for logistics, industrial, and residential developments, indicating a shift in focus for Attacq. In conclusion, Jackie van Niekerk's insights shed light on Attacq's strategic evolution, adaptation to market trends, and a cautious yet optimistic outlook for the future. The company's focus on flexibility, quality, and sustainability reflects its commitment to navigating the evolving real estate landscape.