Public Investment Corp., which manages South African state pensions, is in talks to buy the Victoria & Alfred Waterfront in Cape Town, which was sold to Istithmar World PJSC four years ago for $1 billion.
“We have not secured a transaction,” Wayne van der Vent, the general manager of real-estate investment for the Pretoria- based PIC, said in a mobile-phone interview today. “We have always been involved in the V&A Waterfront discussions since day one, four years ago. We have never left those negotiations.”
Istithmar World in 2006 teamed up with London & Regional Properties and a group of local investors to buy South Africa’s most popular retail center in the country’s biggest property transaction. The PIC, Growthpoint Properties Ltd. and Absa Group Ltd. have together signed an agreement to buy the V&A for 10 billion rand ($1.5 billion), Johannesburg-based newspaper Mail & Guardian newspaper reported on Dec. 10.
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