Growthpoint Property And The PIC Buy V&A Waterfront

14 Feb 2011 by Jasmine Stone in Vibe

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The increasingly-ubiquitous property group, Growthpoint Properties, has teamed up with the Public Investment Corporation (PIC) to purchase the V&A Waterfront – South Africa’s single most popular tourist destination from Dubai-based investment firm, Dubai World. Follow the link to see what they paid..

The V&A was snapped up for the pedestrian price of R9,7 billion.

Plans are on the cards to develop the remaining 200 000 undeveloped square metres of Waterfront. The details of whether the space will be populated by commercial, industrial or residential developments are yet to be announced.

The PIC is the pension fund for South African government employees and manages more than R800bn in assets, which of course means that a minuscule part of the V&A now belongs to your local home affairs officer. Try not to let that rankle you.

[Source : V&A Waterfront]

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