Growthpoint's R9.7bn V&A Waterfront deal approved

The V&A Waterfront in Cape Town

Growthpoint Properties (GRT) announced on Thursday that all conditions precedent to the acquisition of the V&A Waterfront in Cape Town had been fulfilled.

These included, among others, the approval by the competition authorities. 

Growthpoint, together with the Public Investment Corporation representing the Government Employees Pension Fund, announced in February this year that they had entered into an agreement to acquire, in equal proportions, SA's iconic V&A Waterfront for R9.7-billion. 

The sellers were UK-based London & Regional Properties, and Dubai World.

The V&A Waterfront is a mixed-use property development and is a showpiece for SA, being its most visited tourist destination, attracting in excess of 21 million visits annually.