By Thabang Mokopanele and Nick Wilson

Some of SA’s largest listed property companies have indicated they would be keen to buy the Victoria & Alfred (V&A) Waterfront shopping mall in Cape Town from Dubai World if it became available.

The troubled Dubai World has asked for a moratorium on payments on its 59bn debt, leading to speculation that it might want to offload the property.

Dubai World’s Istithmar PJSC was part of a group of investors that paid R7bn for the mall in 2006, outbidding Hyprop and other local investors.

At the time it pledged to spend twice that amount to develop the mall further.

Hyprop Investments CEO Mike Rodel said yesterday the group would be interested in buying Dubai World’s stake in the V&A. “If it comes onto the market, we will definitely have a look. It is a good property. It still has fantastic opportunities,” he said.

Wolf Cesman, joint CEO of JSE-listed Redefine Properties, which owns 33% of Hyprop, said “it all depended on whether (the property) becomes available”.

“Logically if it became available, as far as Redefine is concerned, it would have to go into Hyprop because Hyprop is a focused retail fund. At the right price, we would certainly look at it,” said Cesman.

Estienne De Klerk, executive director of Growthpoint Properties , SA’s largest listed property company, said that if the “opportunity arose we would be interested in acquiring the Dubai World stake in the V&A at the right price”.

Growthpoint also originally bid for the property when it went to market and De Klerk said that the company thought it was a “good asset”.

Dubai World’s request last week for a standstill agreement with creditors threw doubt on 59bn of liabilities, hitting stock markets around the world.

AP yesterday reported that a top Dubai finance official said heavily indebted Dubai World was not guaranteed by the emirate’s government.

Royal Bank of Scotland Group was the biggest underwriter of loans to Dubai World while HSBC has the most at risk in the United Arab Emirates, according to JPMorgan Chase.

Source: Business Day