The Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), has invested approximately R2.7 billion in the Waterfall mixed-use precinct, underscoring its commitment to infrastructure-led development and long-term value creation.
The development supports approximately 23,000 jobs and includes over 500 retail shops, approximately 70 restaurants and extensive commercial and logistics operations, establishing Waterfall City as an important hub for economic activity, employment and integrated urban development in South Africa.
PIC Chairman David Masondo said developments of this scale play a vital role in strengthening the country's economic infrastructure, attracting investment and creating vibrant places where businesses and communities can thrive.
“Waterfall City reflects the scale, vision and execution that South Africa needs as we build modern, sustainable and competitive cities,” he said.
Masondo, who also serves as Deputy Minister of Finance, led a site visit to Waterfall City on Tuesday, 7 April 2026, and described it as a strong post-1994 example of long-term, high-quality investment in the country's urban future.
The visit is part of a broader national monitoring program scheduled over the next three months, aimed at showing how pension-fund capital is being deployed into infrastructure and other productive assets.
balanced development strategy
The waterfall precinct is owned by Atterbury Waterfall Investment Company (AWIC), which is 70% owned by Attac Limited and 30% owned by GEPF.
Masondo said, “Our property investments cover a wide range of activities; from large-scale commercial developments to affordable housing, inner city regeneration and support for emerging and black property developers.”
He said the PIC's approach is based on both financial stability and developmental impact, ensuring that investment decisions contribute meaningfully to a more inclusive economy.
Masondo said, “We see our role as both custodians of public servants' pensions and partners in South Africa's broader economic transformation. This requires a portfolio that is diverse, forward-looking and responsive to the needs of the country.”
change through investment
Waterfall City is one of many assets in PIC's portfolio, which remains comprehensive, diverse and development-focused.
“Beyond prime assets, our investment record shows clear and consistent support for black developers, affordable housing and emerging players. We have supported Broad-Based Black Economic Empowerment (B-BBEE) developers in commercial property.
“We have supported black-led development platforms. We have invested in inner-city housing and provided catalytic financing to small and medium contractors building affordable homes. Change is not an afterthought; it depends on how we invest,” Masondo said.
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