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Requiscat en pace
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:eek: To Emirati's?
 

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South Straddie QLD
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Reuters - V&A Waterfront, South Africa's tourist hot spot, was sold for R10bn to a consortium that includes Absa Group [JSE:ASA] and Growthpoint Properties [JSE:GRT], the Mail & Guardian newspaper said on Friday, citing two people briefed on the deal.

The real estate was sold by Britain-based London & Regional Properties and Dubai-based investment firm Dubai World, 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 $132bn in assets, was also cited as one of the buyers.

The property previously belonged to state-owned logistics group Transnet, which sold it for R7bn to L&R Properties and Dubai World in 2006.
 

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Discussion Starter #7
Well it can't be the opposite.

Growthpoint afaik have been working on a new vision for the V&A for a few months, but I have not seen anything, and could prob not post anything not already in news articles from alleged confidential documents.

Although, this is not really a surprise, it was just a case of which bid would get the nod
 

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I wonder if these have anything to do with their new vision...

Vivid Architects:

Clocktower Precinct - Coming Soon!

CityThinkSpace:

New Basin Precinct Urban Design: V&A Waterfront, Cape Town

CLIENT: V&AW Company

PROJECT DESCRIPTION: Urban Design Framework for the New Basin & Aquarium Precinct at the Victoria & Alfred Waterfront, Cape Town. In Partership with van der Merwe, Miszewksi Architects.
 

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Thank God and good riddance! Big talk, no action, this is what one can resume of their time as owners of this great tourist location. Goes too show you that not always foreign buyers are the best option.
Isnt Growth Point the same owners of Sandton City and other massive real estate ventures throughout the country?
Lets grow this baby...
 

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V&A deal may be announced soon
Dec 13 2010

Johannesburg - It seems only a question of time before a deal would be announced regarding the possible sale of the V&A Waterfront in Cape Town.

The property is the crown jewel of the country’s commercial property sector and a foremost tourist attraction.

Rumours have abounded since Friday, when it was reported that the property had apparently been picked up for R10bn by listed property giant Growthpoint Properties [JSE:GRT] and the Public Investment Corporation (PIC).

Growthpoint and the PIC have denied that a transaction has already been done, but the PIC – Growthpoint’s biggest shareholder – told Sake24 it would not deny that discussions were indeed being held with the owners of the V&A.

At the same time an informed Sake24 anonymous source confirmed that it was only a question of time before a deal would be announced.

On Friday Growthpoint chief executive Norbert Sasse said that no transaction had been effected between the owners of the V&A and Growthpoint, and the company distanced itself from a report in the weekly newspaper Mail & Guardian that had made the announcement.

PIC head of property investments Wayne van der Vent however confirmed that the corporation had for several months been holding discussions with the owners of the V&A about the possible acquisition.

But, he said, nothing was on the table yet.

He also said that Growth¬point and the PIC had held mutual and individual discussions. To the question of whether the property was in the market he responded that any property was in the market if the price was right.

In 2006 the V&A was snapped up for R7bn by Istithmar, the investment arm of Dubai World, which is owned by the Dubai government and London & Regional, which is based in London, in the face of eager South African bidders.

The two companies together own about 75% of the V&A, while the remaining portion is held by an empowerment group.

At that time Growthpoint was one of various South African bidders for the sought-after property and in 2009 the group indicated that it was still interested in a deal.

According to the anonymous source the proposed transaction involves a takeover by Growthpoint of the income-generating assets, while the undeveloped portion of the V&A is to be managed by the PIC and sold to Growthpoint as it is developed.

The undeveloped portion of some 300 000m² was at the time highly attractive to Istithmar. It planned to spend billions on developing it.

Yet nothing has come of this. Moreover, with the global economic downturn the Arab Emirate has lost its appetite for new investments.

- Sake24



For business news in
 

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East Coast Massiv
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Istithmar yet to sign accord to sell V&A

Says an official from Dubai World.

Istithmar World PJSC, the private equity company owned by Dubai World, has yet to sign an agreement to sell the Victoria & Alfred Waterfront shopping mall in Cape Town, an official at Dubai World said.

The Mail & Guardian reported Absa Group, Growthpoint Properties and the Public Investment Corporation have together signed an accord to purchase SA's biggest tourist destination on Friday for R10 billion. The deal would be completed today, the newspaper said, citing people it didn't identify.

Bronwen Noble, a Growthpoint spokeswoman, denied the company was involved in the deal, the newspaper reported on Friday.

The report is not true, the Dubai World official said. Istithmar has been discussing the sale of the V&A with some companies, the official said, declining to be identified because the information is private. A spokeswoman for Dubai World declined to comment
 

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Discussion Starter #13
The Public Investment Corporation (PIC) on Sunday night would not confirm or deny a report it had bought the V&A Waterfront.
With R910-billion worth of assets, the government-owned PIC manages investment from bodies such as the Government Employees Pension Fund and the Unemployment Insurance Fund.
On Friday the Mail and Guardian reported the Waterfront’s buyers included Absa and property manager Growthpoint, but the two institutions were later reported as having denied involvement.
Asked about the reports, PIC public relations officer Olwen Manuel said: “The PIC will possibly be putting out a statement later this week regarding your questions.”



Wesgro acting chief executive Nills Flaaten and Finance and Economic Development MEC Alan Winde said they could not comment while Emma King, spokesperson for the Waterfront said: “It is all rumour. No sale has been announced.”



Andrew Boraine of the Cape Town Partnership said: “I’ve heard for some time the PIC was involved in negotiating ... But I don’t know anything about it. I think it is a good idea if there is a local buyer.”
Waterfront joint owners, London and Regional Properties and Dubai World, may make big profits on the R7bn they paid when they bought it from Transnet four years ago.
 

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Interesting...Seems they overpaying now for the work the foreigners didnt bother to do?

But the Sunday Times ran an article on Sunday with both ABSA and Growthpoint stating they have absolutely no intentions to purchase it?

Will be pathetic if true from the sense that Maria Ramos was the one who sold it in 2006 and now at Absa is buying it back and paying way more in a deflated market.

We South Africans love to piss money away.

I will be glad if it is taken over however as the Dubai crowd have basically done F-all, but for R10 billion now after R6billion then? sounds too inflated.
 

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Discussion Starter #15
Growthpoint in talks that could affect shares



JOHANNESBURG (Reuters) - South Africa's largest listed property group Growthpoint said on Monday it is in talks that could impact its shares, amid reports that it is part of a group that bought the nation's top tourist spot.


The Mail & Guardian newspaper, citing two people briefed on the deal, said on Friday Growthpoint was part of the group that bought Cape Town's V&A Waterfront in a 10 billion rand deal.
Absa and government pension fund, the Public Investment Corporation, were also cited as buyers of the real estate, sold by Britain-based London & Regional Properties and Dubai-based investment firm Dubai World.
Growthpoint declined to comment, with chief executive officer Norbert Sasse saying: "Nobody is in a position to comment at this stage."


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 that lure millions of visitors.
Shares in Growthpoint were up 1.07 percent at 17.92 rand by 0950GMT, outpacing a flat JSE blue-chip Top-40 index.
 

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yep, pissing money away. The inflated R3 billion could have been well spent in developing the V&A. Perhaps Growthpoint should not buy at this stage and make a hostile offer later.

But then again it comes from selling our assets to foreigners who come here for a good ride and dont give a toss about the country and its people. I.e. amongst others- Iscor, Barclays/Absa, and soon Walmart.
 

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Discussion Starter #17
That sort of view of foreign companies is partially why our FDI is so low.

Dubaiworld were hit by a recession, as were other companies, and have to restructure massive debt. It would be selfish if they were not to sell the V&A to firms who potentially have the funds to realize a new vision of the V&A.

Growthpoint are not the only interested party.
 

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local paper reporting on it
South Africans keen on Dubai World's V&A
Brad Reagan

Last Updated: Dec 15, 2010


South African investors like the idea of a local company buying Cape Town's Victoria and Alfred Waterfront back from Dubai World.

Shares in Growthpoint Properties, South Africa's largest publicly listed development company, climbed more than 1 per cent in mid-afternoon trading in Johannesburg yesterday, the day after it confirmed it was involved in negotiations that could affect its share price.

The statement Growthpoint released did not mention the V&A, but many assumed the company was referring to the popular tourist attraction when it said it "recently entered into negotiations which, if successfully concluded, may have an impact on the price of Growthpoint's linked units". On Saturday, a source at Dubai World confirmed that Istithmar World, which has a 37.5 per cent stake in the development, had been in talks with companies including Growthpoint to sell the shopping and leisure attraction.

Dubai World is Istithmar's parent company.

Reports from South Africa last week stated that Growthpoint had entered a deal with other investors, including the banking group Absa, to buy the development.

But Absa said it was not involved in any deal to buy the V&A. However, Public Investment Corporation is reported to be interested.

Istithmar bought the stake in a US$1 billion joint venture with London & Regional Properties, based in the UK, four years ago.

The V&A is considered to be one of South Africa's most valuable pieces of property.

The source said the site could be worth up to 10 billion rand, but that Istithmar would not sell unless it got a fair price.

Istithmar is trying to maximise the value of its assets, following the restructuring of almost US$25bn of debt.



Analysts agreed this was likely to be an investment that Dubai World would strive to hold on to, unless offered a very attractive price. They said that prime South African property was likely to go up in value.

Growthpoint owns more than 400 properties there comprising retail, office and industrial space, and a small portfolio in Australia.
 

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That sort of view of foreign companies is partially why our FDI is so low.
well, this has not been very good FDI. It's costing us more now with them de-investing. We should not solely rely on FDI. Foreign companies are finicky and tend to be exploitative . Our main focus should be on our own skills development. We've certainly got the means.
 

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Discussion Starter #20
well, this has not been very good FDI. It's costing us more now with them de-investing. We should not solely rely on FDI. Foreign companies are finicky and tend to be exploitative . Our main focus should be on our own skills development. We've certainly got the means.
An open economy is the way to go.
 
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