Best known as the developer behind the mixed-use Waterfall precinct just off the N1 highway between Sandton and Tshwane, Attacq hasn’t exactly topped fund managers’ stock pick lists in recent years. The counter was popular when it listed at around R17 in October 2013, but has steadily lost steam since it peaked at R27 in early 2015. For traditional property investors it fell between the cracks — it wasn’t a pure capital growth (or development) play, given its exposure to a number of income-producing properties, but neither did it pay a dividend. However, following its recent Reit conversion, which compels it to pay out at least 75% of its earnings, Attacq is bound to appear on more investor radars. It paid a maiden dividend in October 2018 and released a solid set of interim results this month, which hasn’t gone unnoticed. In fact, investment manager Allan Gray, traditionally underexposed to listed property, rates Attacq as one of three SA property shares currently worth buying (the...

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