South African Businesswoman Ipeleng Mkhari Named Chair Of Real Estate Giant Attacq

Attacq Ltd, the South African real estate investment trust behind Waterfall Citys skyline, has tapped veteran entrepreneur Ipeleng Nonkululeko Mkhari as its new chairperson, the company said Thursday. Her election, set to take effect at its 2025 annual meeting, comes as longtime board leader Pierre Tredoux prepares to retire. The appointment places one of South Africas most respected businesswomen at the helm of a company valued at roughly ZAR 11.16 billion about USD 591 million and best known for shaping modern retail and office precincts. Attacqs holdings include Glenfair Boulevard, Lynnwood Bridge, Garden Route Mall and Eikestad Mall, and its Waterfall City development has become a landmark north of Johannesburg. Attacq has quietly strengthened its position over the past year despite a sluggish property market. Revenue for the 2024 fiscal year climbed to ZAR 2.60 billion USD 138 million from ZAR 2.44 billion USD 129 million a year earlier. Attacqs bottom line almost doubled, climbing from about ZAR 520 million USD 27.6 million in 2023 to roughly ZAR 950 million USD 50.4 million last year. Mkharis path to the boardroom has been anything but conventional. After earning a bachelors degree in psychology and industrial psychology at the University of KwaZulu-Natal, she took a marketing job at a CCTV and security systems firm. Two years later, in 1998, she co-founded Motseng Investment Holdings , building it from a lean startup into a diversified investment group with interests in property, infrastructure, logistics, manufacturing and asset management across South Africa, Lesotho and Mozambique. People who have worked with her say Mkhari guided Motseng through periods of scarce financing, tightened its governance and leveraged partnerships to expand into new territories. Her outspoken support for Black economic empowerment and transformation has positioned her as one of South Africas leading business voices. Over the years, she has headed the South African Property Owners Association, sat on several corporate boards and been praised for championing inclusive growth. Analysts believe Mkharis appointment could bring renewed momentum to Attacq as the REIT works through infrastructure challenges, higher borrowing costs, and growing environmental pressures.