Growthpoint and PIC buy V&A Waterfront
SA's largest listed property fund Growthpoint Properties and Public Investment Corporation announced on Monday, 14 February 2011, that they had entered into an agreement to buy in equal proportions 100% of Lexshell 44 General Trading for R9.717 billion.
Lexshell owns the V&A Waterfront, among others. The sellers are Strawinsky Properties and Istithmar SA. The transaction was subject to the fulfilment of the suspensive conditions.
On successful completion of the transaction, the purchasers intend to own 100% of Lexshell.
The V&A Waterfront is a mixed-use property development located around the historic Victoria and Alfred basins that formed Cape Town's original harbour.
"While the transaction is consistent with Growthpoint's objectives of providing its linked unitholders with long term sustainable income and capital growth, the transaction also creates the opportunity to unlock significant value through the development of the undeveloped bulk," Growthpoint said.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
