21 Sep 2006
V and A Waterfront in Cape acquired for £507m
BY Helen Patenall
V&A Waterfront Holdings – owner of the mixed-use V&A Waterfront development in Cape Town, South Africa –- has been acquired by L&R Consortium for R7.04bn (£507m, 752m euro, US$955m).
The consortium – selected from nine short-listed bidders based on an evaluation criteria published in May 2006 – is a South African company comprised of UK-based London & Regional Group Holdings, Dubai property investors Istithmar and South African-based Black Economic Empowerment.
The waterfront – situated between Robben Island and Table Mountain in the centre of Cape Town’s working harbour – is a prime visitor attraction featuring entertainment venues, hotels, retail outlets and a residential marina.
Historic attractions include a Victorian Gothic-style clock tower, Breakwater Prison, the South African Maritime Museum and the embarkation point for Robben Island. Details: www.waterfront.co.za
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