South Africa’s most popular mall getting an ultra-luxury Pantry for R54.3 million

Mall of Africa-owner Attacq said the construction of a new Pantry location at the shopping centre is well underway, with the development set to cost R54.3 million.

Upon completion, the Pantry store will span a gross lettable area (GLA) of 1,411 m² and be located at Mall of Africa on Karkloof Street in Midrand.

This was revealed in Attacq’s results for the year through June 2026, which revealed a mixed performance for the real estate investment trust (REIT).

While the REIT reported strong top-line growth, its bottom line came under pressure.

The group reported that its revenue rose 9.25% to R3.13 billion, driven by a 6.46% increase in rental income and a once-off municipal credit of R52.27 million.

Attacq made an operating profit of R1.56 billion, up less than 1% from the 2025 financial year.

Its profit for the year fell by 3.32% to R1.79 billion, with basic earnings per share down 3.87% to 206.3 cents.

This pressure on Attacq’s bottom line was mainly due to lower positive fair value adjustments on investment property, which came in at R745.3 million in 2026, down from R935 million in 2025.

Therefore, the net profit decline did not reflect a poor operational performance, with Attacq’s headline earnings per share up by a healthy 18.1% to 120.8 cents.

Attacq’s investment property portfolio’s carrying value grew by 6.8% to R23.09 billion, and its SA REIT GLA vacancy rate improved to 5.1% from 8.4% in 2025.

The company’s available liquidity stood at R2 billion, which includes R864.2 million in cash, R840.5 million in prepaid access facilities, and R300 million in undrawn liquidity facilities.

The group invested R730.3 million in capital expenditure and property additions in 2026, with various developments in the pipeline for the year ahead.

One of the biggest developments is The Pantry, which will be an addition to Attacq’s biggest asset, Mall of Africa.

Mall of Africa is Attacq’s crown jewel asset, having generated R3.95 million in turnover in the 2026 financial year, up 7.7% year-oon-year.

Building out Waterfall City

Attacq has an effective share of 100% interest in the Pantry development, which will cost R54.3 million.

In its results presentation for the 2026 financial year, Attacq said the Pantry development is on track.

This addition to Mall of Africa is expected to activate the centre’s street edge, enhancing the precinct’s walkability.

Attacq explained that the development will leverage its existing infrastructure to support the new offering, while reinforcing the “mixed-use vibrancy” within the precinct.

The new Pantry development is expected to be completed in the third quarter of the 2027 financial year.

Another development in the pipeline is the Waterfall City Conference Centre and Hotel, which is expected to span 15,883 m² and 180 rooms upon completion.

The development cost for this project is R643.3 million, with Attacq holding a 75% stake, meaning its share of the cost is R475.7 million.

This project is expected to be completed in the second quarter of Attacq’s 2028 financial year.

Both of these developments are part of Attacq’s broader strategy to continue building out Waterfall City.

For example, another pipeline development is Aspire, a 20-storey residential tower being built in Waterfall City.

Set to span 14,316 m², this development has already recorded 164 sales totalling R427.8 million.

This nearly covers the development cost of R456.4 million. Aspire is set to be completed in the third quarter of the 2028 financial year.

Aspire is a joint venture between Attacq (75%) and Tricolt (25%), and will also be integrated as part of the Mall of Africa precinct.