A shortlist of bidders for Cape Town's premier V&A Waterfront has been drawn up but it will not be released, according to transaction adviser Investec Bank Ltd's Dave Tew who is running the sales process on behalf of Transnet and its pension funds.

Tew, of the Corporate Finance division, told I-Net Bridge on Monday that: "We have drawn up a shortlist and that shortlist won't be released."

He declined to say how many bidders were in the shortlist but acknowledged that there had been a narrowing down from the original number. He also would not say how many had lodged bids, which closed last Monday.

Asked when the process would become transparent, he said: "It will only become transparent once (it has been) finalised who the successful bidder is."

That announcement, he said, would be "during September". He did not provide a specific day in September.

Tew said that "obviously we have to take guidance from the client. Based on the indicative offers which we have received ... we are happy with the quality of indicative offers and the price offered by the parties."

He noted that the client - Transnet and its pension funds - were governed by the Public Finance Management Act which provided strict guidelines under which to carry out the sale.

"We can't put information out there that may, or may not, prejudice some of the parties."

It is speculated that the offers are upwards of seven billion rand and it has been reported that there were originally some 80 bids, although this was not officially confirmed. Bids carried a non-refundable deposit of 50,000 rand.

Investec Bank and Deutsche Securities (SA) are joint transaction advisers.

I-Net Bridge
 
Publisher: I-Net Bridge
Source: I-Net Bridge