Monday 14 February 2011

Growthpoint, PIC Buy V&A Mall in Biggest South Africa Property Purchase - Bloomberg

Growthpoint Properties Ltd., South Africa’s largest publicly traded real-estate investor, and the Public Investment Corp. agreed to buy Cape Town’s Victoria & Alfred Waterfront shopping mall in the country’s biggest property deal.

Growthpoint and the PIC, which manages state pension funds, will pay 9.72 billion rand ($1.33 billion) for the mall and surrounding properties, Johannesburg-based Growthpoint said in a stock exchange filing today. Istithmar World, London & Regional Properties and a group of local investors teamed up to buy the development from Transnet Ltd., the state-owned transport company, and three of its pension funds for $1 billion in 2006.

“The developed property portfolio boasts a well- established and high-quality portfolio of properties offering attractive rentals, rental escalations and lease expiry profiles,” Growthpoint said. “The transaction also creates the opportunity to unlock significant value.”

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