Issue No 333 - December 13, 2010

Dubai firm sells S.African property for $1.45bn

V&A Waterfront, South Africa's tourist hot spot, owned by Dubai World and Britain-based London & Regional Properties (L&R), has been sold for $1.45 billion, the Mail & Guardian newspaper said, citing two people briefed on the deal.

The real estate was sold to a consortium that includes Absa and Growthpoint, the paper said, adding L&R Properties would take cash and Dubai World would take cash and shares.

Government pension fund Public Investment Corp, which manages $132 billion in assets, was also cited as one of the buyers.

V&A Waterfront is South Africa's biggest tourist attraction, situated in the heart of Cape Town under Table Mountain, with its shops and hotels luring millions of visitors.

The property previously belonged to state-owned logistics group Transnet, which sold it for 7 billion rand ($1 billion) to L&R Properties and Dubai World in 2006.-Reuters

Source: TradeArabia News


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