IFA HR raises its Boschendal stake to 37.3% |
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IFA Hotels and Resorts (IFA HR)IFA Hotels and Resorts (IFA HR)
said it has strengthened its interests in South Africa by acquiring a further 5.25 per cent in Boschendal, increasing its stake to 37.33 per cent.This acquisition is part of a set strategy by IFA HRIFA HR
to strengthen its geographic reach as a global developer of mixed-use integrated resorts. It has also aligned with its subsidiary's strategy in South Africa (IFA Hotels and Resorts Limited) to deliver new premier resort and residential projects in South Africa.Werner Burger, President and COO of IFA HRIFA HR
, said: "With our ability to introduce international investors, partners and hotel operators, we are able to explore real value creation by promoting asset classes of property ownership. The internationally recognised Boschendal brand will be further elevated through our international network located in the Middle East, Europe, Asia, North America and Africa."IFA HRIFA HR
is committed to creating a development that will complement its internationally recognised portfolio of top quality integrated resorts.IFA HRIFA HR
is now also responsible for all the sales and marketing of Boschendal Limited, allowing the company to utilise all its international offices and network across the world.Likewise, Boschendal welcomes about 200,000 guests per year, a vast audience for IFA HRIFA HR
to cross sell and promote its existing international portfolio of residences, resorts and private residence clubs."Our strong international strategic partnerships and relationships with partners such as Nakheel, Kingdom Hotel Investments, JCI, Tongaat Hulett Developments, United Investments Portugal and Raimon Land provides an outstanding synergy of skills adding significant value to our developments," added Burger.
The first phase of the development, the Boschendal Founder's Estates located among the vineyards on the slopes of the Simonsberg Mountain, will now be further improved with all related infrastructure.
Current development plans for the second phase, the proposed mixed-use development on Boschendal's 2,240 hectare estate, includes homes set within villages of varying size, an upmarket retirement village, a boutique hotel and a mixed-use precinct combining shopping, offices and apartments. Ultimately seven per cent of the 2,240 hectares will be covered by buildings and gardens.
By Staff Writer
© Emirates Business 24/7 2009
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