Deals
Growthpoint, PIC Buy Cape Town Mall for $1.3 Billion
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Growthpoint Properties Ltd., South Africa’s largest publicly traded real-estate investor, and the Public Investment Corp. agreed to buy Cape Town’s Victoria & Alfred Waterfront shopping mall in the country’s biggest property deal.
Growthpoint and the PIC, which manages state pension funds, will pay 9.72 billion rand ($1.33 billion) for the mall and surrounding properties, Johannesburg-based Growthpoint said in a stock exchange filing today. Istithmar World, London & Regional Properties and a group of local investors teamed up to buy the development from Transnet Ltd., the state-owned transport company, and three of its pension funds for $1 billion in 2006.