V&A R7 billion deal a vote of confidence in SA economy

L&R Consortium, through Lexshell 44 General Trading, has been selected by linked unitholders Transnet and Transnet Second Defined Benefit Fund as the successful bidder out of a shortlist of nine to acquire 100% of the V&A Waterfront for a cash price consideration of R7.04 billion. The consortium is a South African company consisting of local and international shareholders led by the UK-based London & Regional Group Holdings, including international property investors Istithmar PJSC and BEE investors. The total interests of BEE shareholders is 23.1%, with another 2.0% ownership in the consortium to be set aside in a trust for V&A Waterfront's black employees.