Sunday 12 December 2010

Istithmar Yet to Sign Accord to Sell V&A Mall, Official Says - Bloomberg

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, South Africa, an official at Dubai World said.

Johannesburg-based Mail & Guardian newspaper reported Absa Group Ltd., Growthpoint Properties Ltd. and the Public Investment Corp. have together signed an accord to purchase South Africa’s biggest tourist destination on Dec. 10 for 10 billion rand ($1.46 billion). The deal would be completed on Dec. 13, 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 Dec. 10.

The report is not true, the Dubai World official said. Istithmar has been discussing the sale of the V&A Mall 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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