Dubai: IFA Hotels & Resorts Limited, a South African subsidiary of Kuwait's IFA Hotels and Resorts, said it will purchase a significant stake in Boschendal Limited, a company involved in a mixed-use development on Boschendal's 2,400-hectare estate near Franschhoek in Cape Town.
IFA, which owns Zimbali Lodge in South Africa and holds a 50 per cent stake in a joint venture that developed Zimbali Coastal Resort, provided no value of the stake.
"IFA SA is pleased to align with an iconic South African brand such as Boschendal and to leverage Boschendal's prime real estate for development. The acquisition aligns with IFA SA's strategy to deliver new premier resort and residential developments in South Africa," said Talal Jassim Al Bahar, chairman and managing director of IFA Hotels and Resorts.
Development plans for the Cape Boschendal estate include an upmarket retirement village with 500 individual homes, a boutique hotel with upwards of 120 rooms and a mixed-use development of a shopping centre, offices and apartments, according to an IFA statement.
"The development will also generate jobs and lead to a 30 per cent rise in real wages in the region," Boschendal chief executive officer Clive Venning said.
By Staff Reporter
© Gulf News 2006
