By Nick Wilson

Dubai-based Leisurecorp, a division of Istithmar , announced on Thursday it had acquired the Pearl Valley Signature Golf Estate and Spa, a 170ha championship golf course development in the Cape winelands, for an undisclosed amount.

Istithmar, the investment arm of Dubai World, was part of the consortium that acquired the Victoria & Alfred Waterfront in Cape Town for $1 billion last year.

Pearl Valley Signature Golf Estate and Spa is Leisurecorp's first global residential golf estate development acquisition outside Dubai.

Speaking from Dubai on Thursday, Leisurecorp CE David Spencer said the group had been looking for a suitable residential golf estate acquisition worldwide, including in the US, Europe, Asia and SA.

"So for us to choose to make Leisurecorp's first global investment in SA, is a credit to how high we hold the Pearl Valley development in our minds," said Spencer.

He said the acquisition was a "commercially confidential deal? made between Leisurecorp and the existing private owners.

"We are not disclosing the price at this stage," said Spencer. "Pearl Valley at the moment is a wonderful resort and we're looking to bring our experience in the golf estate industry to Pearl Valley and capitalise on the great work that has been laid down there already."

Spencer said Leisurecorp was the owner of Dubai's multibillion- dollar Jumeirah Golf Estates , the largest urban golf development in the world at 1117ha.

He said the investment that Leisurecorp had made in Pearl Valley would "match" the size of the deal it had made with the owners of the estate.

Spencer said everything that Leisurecorp had planned for Pearl Valley was still subject to the necessary approvals.

"We want to build another golf course, more residential property and we are looking at one or two luxury hotels," he said.

"We are already in discussions with several international football federations for Pearl Valley to be the home of their players during the Soccer World Cup in 2010."

Pearl Valley Signature Golf Estate and Spa has one 18-hole Jack Nicklaus-designed championship golf course, a 4500m² clubhouse and a 500-home gated residential community surrounding the course.

Spencer said that Leisurecorp would like to complete new expansions and developments on the estate in time for the World Cup.

"If we obtain the necessary approvals we are willing to invest the necessary capital and necessary local resources to meet our time frame," said Spencer.

Dubai World chairman Sultan Bin Sulayem said the investment marked "another important sign of our commitment" to SA.

"Pearl Valley offers the chance to create a truly unique destination, wholly complimentary to our investment in the Victoria & Alfred Waterfront," he said. "We will commit all resources necessary to achieve that goal."

Spencer said Pearl Valley was regarded as one of the best courses in SA.

Business Day