PIC invests R2.7bn in Waterfall City, backing 23,000 jobs
The Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), has invested approximately R2.7bn in the Waterfall mixed-use precinct, underscoring its commitment to infrastructure-led growth and long-term value creation.
Source: Waterfall City.
The development supports around 23,000 jobs and includes more than 500 retail outlets, about 70 restaurants, and extensive commercial and logistics operations, positioning Waterfall City as a significant hub for economic activity, employment, and integrated urban development in South Africa.
PIC chairperson, David Masondo, said developments of this scale play a critical role in strengthening the country’s economic infrastructure, attracting investment, and creating vibrant spaces where businesses and communities can thrive.
“Waterfall City reflects the kind of scale, vision and execution that South Africa needs as we build modern, sustainable and competitive cities,” he said.
Masondo, who also serves as the Deputy Minister of Finance, conducted a site visit to Waterfall City on Tuesday, 7 April 2026 describing it as a strong post-1994 example of long-term, high-quality investment in the country’s urban future.
The visit forms part of a broader national oversight programme scheduled over the next three months, aimed at showcasing how pension-fund capital is being deployed into infrastructure and other productive assets.
Balanced growth strategy
The Waterfall precinct is owned by the Atterbury Waterfall Investment Company (AWIC), which is 70% owned by Attacq Limited and 30% by the GEPF.
“Our property investments span a wide range of activities; from large-scale commercial developments to affordable housing, inner-city regeneration, and support for emerging and black property developers,” Masondo said.
He added that the PIC’s approach is anchored in both financial sustainability and developmental impact, ensuring that investment decisions contribute meaningfully to a more inclusive economy.
“We see our role as both custodians of public servants’ pensions and participants in South Africa’s broader economic transformation. That requires a portfolio that is diverse, forward-looking, and responsive to the needs of the country,” Masondo said.
Transformation through investment
Waterfall City is one of many assets within the PIC’s portfolio, which remains broad, diversified and development-focused.
“Beyond flagship assets, our investment record shows clear and sustained support for black developers, affordable housing, and emerging players. We have backed 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. Transformation is not an afterthought; it is built into how we invest,” Masondo said.