Istithmar in $1bn Cape Town development
ADUBAI-BASED Istithmar and UK-based London & Regional Properties won the race for South Africa’s most-visited property and leisure development, as they confirmed that their joint venture had successfully bid $1 billion for the V&A Waterfront Company.
Nakheel Hotels and Resorts will be part of the company’s future development.
The Victoria & Alfred Waterfront in Cape Town is a mixed-use prime waterfront real estate development in which shopping and entertainment venues are intermingled with office locations, world-class hotels and luxury apartments in the residential marina and active fishing port.
Its leading hotels include Sun International’s Table Bay Hotel and The Cape Grace. Established by South African Government-owned Transnet in 1988, V&A Waterfront now attracts more than 22 million visitors a year, making it Africa’s number one property, leisure and retail development. Istithmar confirmed that subsidiary Nakheel Hotels and Resorts will play a leading role with London & Regional to manage the current assets at V&A Waterfront, and masterplan the future development of the property.
The V&A Waterfront contains 603,000sqm of approved bulk development rights, of which 45 per cent remains to be developed.