South African investors like the idea of a local company buying Cape Town's Victoria and Alfred Waterfront back from Dubai World.
Shares in Growthpoint Properties, South Africa's largest publicly listed development company, climbed more than 1 per cent in mid-afternoon trading in Johannesburg yesterday, the day after it confirmed it was involved in negotiations that could affect its share price.
The statement Growthpoint released did not mention the V&A, but many assumed the company was referring to the popular tourist attraction when it said it "recently entered into negotiations which, if successfully concluded, may have an impact on the price of Growthpoint's linked units". On Saturday, a source at Dubai World confirmed that Istithmar World, which has a 37.5 per cent stake in the development, had been in talks with companies including Growthpoint to sell the shopping and leisure attraction.
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