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CAPE TOWN-London & Regional Properties and Istithmar have completed South Africa’s biggest ever property deal with the $1.3-billion acquisition of the Victoria and Albert (V&A) Waterfront in Cape Town.

The Waterfront is situated between Table Mountain and Robben Island. It attracts 22 million visitors a year and is one of South Africa’s leading tourist attractions, comprising restaurants, 600,000 sf of retail and 900,000 sf of offices. The resort also boasts Sun International’s luxury five-star Table Bay Hotel, a working harbor and an aquarium.

Planning consent is already in place for a further three million sf of new build, with potential for a six-star beachfront hotel development and luxury apartments. The Waterfront was put up for sale three months ago and attracted strong interest at home and internationally.

“The V&A Waterfront has strong assets, a healthy balance sheet, a successful management team and good day-to-day operations combined with a strong vision for the future,” Richard Livingstone, director of London & Regional Properties, says. “It sits in a magnificent location with significant allowable development, giving us the chance to create a fully world-class resort that can be a focal point for the FIFA World Cup 2010.”

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