South Africans bid on Dubai World's Cape Town mall

Multimillion dollar South African bid for Dubai World's V&A Waterfront

The V&A Waterfront in Cape Town, South Africa.
The V&A Waterfront in Cape Town, South Africa.

A South African real estate company and the agency that invests for the government workers' pension fund are making a billion-dollar bid for Cape Town's famous V&A Waterfront shopping and hotel complex.

The mall is owned by the private equity arm of Dubai World, which has been hit hard by the global recession and needs cash to cover debts.

Rumours have circulated for months of the possible sale of the mall, known to tourists from around the world as the point from which the ferry to the Robben Island prison museum sets off.

Tourists take the ferry from the mall to Robben Island to see the cell where former President Nelson Mandela spent 18 of his 27 years in prison.

South African real estate firm Growthpoint and the Public Investment Corporation have said the deal is worth just over $1.3billion.

The V&A is home to a One&Only hotel, Gucci, Armani and Hugo Boss shops, and an Aston Martin dealership.

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