Saturday, July 22, 2006

Companies queue to buy Waterfont

By Odette Ismail



The Victoria and Alfred Waterfront are attracting buyers all over the world as it is South Africa’s biggest tourist asset. The tender process will hopefully close next week said Derick van de Merwe, chief executive of the V&A. This is only if the owners (Transnet and the different pension funds), of the Waterfront identify a possible buyer for the premier development.

According to the Weekend Argus, Transnet and the pension funds did mention that they were keen to sell the development earlier this year.

Van de Merwe said the V&A management company will sell everything which includes the land, buildings and all future development rights to the ideal buyer.

A spokesperson for Investec, one of the institutions contracted to find a buyer said that not only international companies were interested, but local companies as well. Transnet, which had inherited the land from old SA Railways and Harbours, sold 80% of the Waterfront to the Transnet Pension Fund.

Transnet was criticised quite a bit for the sale which some said was just a ‘paper transaction’ with no real money.

picture: www.southernafrica.co.za

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