The R9.7-billion sale of the Victoria & Alfred (V&A) Waterfront, the crown jewel of the South African property market, appears set to have a multimillion rand sequel in the high court. The Reserve Bank will be cited as a respondent if the planned high court action proceeds.
Neill Bernstein, the founder and president of New York-based property company Devland Holdings, and Swiss-based trust Bayliss, have sent a letter of demand to former V&A Waterfront joint owner Dubai World for advisory, consulting and broking fees.
The fees are allegedly owed by Dubai World and the new joint owners of the V&A Waterfront, listed property company Growthpoint and the Public Investment Corporation (PIC), which manages the Government Employees Pension Fund.
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