Attacq Limited, the JSE-listed property group behind Waterfall City and Mall of Africa, has appointed veteran dealmaker Muhammad Paruk as chief investment officer to accelerate its pipeline. Paruk joins the group’s executive committee this month as management positions its high-profile balance sheet for significant capital deployment.

Paruk lands at the property group after leading investment strategy and cross-border transactions at Old Mutual Real Estate Holding Co. There, he managed multi-billion-rand portfolios spanning retail, industrial, and mixed-use real estate in South Africa alongside key European partnerships. His appointment gives Attacq a seasoned operator with deep institutional relationships.

A pivot toward dealmaking

Holding a business science degree from the University of KwaZulu-Natal, Paruk also presides over the South African Council of Shopping Centres. At Attacq, he will work directly with Chief Executive Officer Jackie van Niekerk and finance chief Peter de Villiers, taking the reins of asset allocation, joint ventures, and major portfolio transactions.

The leadership shuffle follows solid operational momentum. Attacq reported a 17.2 percent surge in distributable income to R888.5 million ($54.7 million) for the financial year ended June 30, up from R758.4 million ($46.7 million) a year earlier. Robust lease collections and rising tenant occupancy underpinned the earnings bump.

Balance sheet expands sharply

Group gross revenue climbed to R3.13 billion ($193 million) from R2.87 billion ($177 million), driven largely by contractual rents and tenant recoveries. Property sales at Ellipse Waterfall delivered an additional R95.2 million ($5.9 million), up from R1.17 million recorded in the preceding fiscal period.

Despite lower net property fair-value adjustments, operating profit rose to R1.56 billion ($96.1 million), while total comprehensive profit reached R1.77 billion ($110 million). Total assets expanded to R26 billion ($1.6 billion) from R24.57 billion ($1.41 billion), lifting equity attributable to shareholders to R14.02 billion ($864 million).

Mall footprint drives valuations

Flagship retail hubs remain the company’s heaviest anchor, carrying independent valuations of R12.47 billion ($768.4 million), led by Mall of Africa. Specialized commercial collaboration spaces hit R6.31 billion ($388.8 million), while industrial logistics sites added R1.85 billion ($114 million), giving Paruk substantial scale as he targets growth.