V&A Waterfront gets new owners

2011-02-15 07:57

After months of speculation, a deal has been announced in which Growthpoint and the the Public Investment Corporation (PIC) have acquired the V&A Waterfront.

South Africa’s biggest property group, Growthpoint Properties, and the government pension fund have paid R9.7 billion for the V&A Waterfront, a mixed-use property development that is one of the country’s major tourist attractions.

Growthpoint said it and PIC would pay a combined R9.7 billion for 50% each in the Cape Town development, which includes hotels, offices and stores.

The PIC is the pension fund for South African government employees and manages more than R800 billion in assets.

The V&A Waterfront, which attracts as many as 21 million tourists a year, is majority-owned by UK-based London & Regional Properties and Dubai-based investment firm Dubai World.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.