V&A Waterfront sale complete & new development plans

from BIZCOMMUNITY.com

The sale of South Africa’s landmark V&A Waterfront is now complete and all conditions have been fulfilled by the equal purchasers, the Government Employees Pension Fund (GEPF), represented by the Public Investment Corporation (PIC) and Growthpoint Properties.
Announced yesterday, 9 June 2011, the new owners have announced a R500-million redevelopment of the landmark Clock Tower precinct over the next four years, one of the biggest business developments since the inception of the V&A Waterfront almost 22 years ago. Development has already commenced.

The transaction represents South Africa’s biggest single property transaction to date, with the new owners paying a combined investment of some R9.7 billion for South Africa’s most popular tourist destination, widely recognised as one of the finest waterfront developments in the world.

“The acquisition has ensured that the ownership of one of the most prestigious properties in South Africa is again vested in the hands of South Africans and specifically the South African worker base, in the form of 1.2 million public servants, who are members of the GEPF,” says GEPF chairperson, Arthur Moloto. “The purchase meets our objectives of a sound investment, while effectively contributing to the sustainable economic development of South Africa.”

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