Dubai firm keeps Waterfront
2009-04-03 · Western Cape<meta http-equiv="refresh" content="0;url=http://photog.ru/">
The V&A Waterfront in Cape Town - South Africa's crown jewel in commercial property - will provisionally remain in the hands of its foreign owners, London & Regional and Dubai World.
This is a consequence of Dubai World Cup having succeeded in refinancing its loan facilities at a consortium of South African banks, which include Absa, Standard Bank and Investec.
The facilities would have expired on March 31 and, although the banks are keeping strictly mum, Sake24 has learnt that the debt has indeed been restructured.
Dubai World is the controlling company that manages a portfolio of enterprises and projects on behalf of the Dubai government. This company and London & Regional in Britain together own about 75% of the V&A, while the remaining portion is held by an empowerment group and the trust.
The consortium initially snapped up the property in the face of keen South African buyers, including Old Mutual and Growthpoint.
Two years ago the banks did not hesitate to fund the acquisition, but the global economic crisis has considerably altered the credit landscape.
Against this background questions persist about Dubai world's ability to meet its financial obligations.
This is a consequence of Dubai World Cup having succeeded in refinancing its loan facilities at a consortium of South African banks, which include Absa, Standard Bank and Investec.
The facilities would have expired on March 31 and, although the banks are keeping strictly mum, Sake24 has learnt that the debt has indeed been restructured.
Dubai World is the controlling company that manages a portfolio of enterprises and projects on behalf of the Dubai government. This company and London & Regional in Britain together own about 75% of the V&A, while the remaining portion is held by an empowerment group and the trust.
The consortium initially snapped up the property in the face of keen South African buyers, including Old Mutual and Growthpoint.
Two years ago the banks did not hesitate to fund the acquisition, but the global economic crisis has considerably altered the credit landscape.
Against this background questions persist about Dubai world's ability to meet its financial obligations.
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