IFA Hotels & Resorts acquires stake in Boschendal, South Africa

Historic estate gets a new lease on life

In its first acquisition since listing on the Johannesburg Stock Exchange in February, IFA Hotels & Resorts Limited (IFA SA) is to purchase a significant stake in South Africa’s Boschendal Limited. The move makes IFA SA an integral contributor to the proposed mixeduse development of the iconic 2 400 hectare Cape Boschendal Estate, a property with 300 years’ heritage near Franschhoek in Cape Town.

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA Hotels & Resorts, says that 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. He explains that the acquisition aligns with IFA SA’s strategy to deliver new premier resort and residential developments in South Africa, diversifying from KwaZulu-Natal where it owns Zimbali Lodge and a 50% stake in the joint venture that developed the spectacular Zimbali Coastal Resort.

Development plans for the Cape Boschendal Estate include an upmarket retirement village with 500 individual homes, a boutique hotel with at least 120 rooms and a mixed-use development which will feature a shopping centre, offices and apartments. Werner Burger points out that as the largest single foreign direct investor in KwaZulu-Natal tourism, the
IFA group has already contributed to transformation in South Africa.

He says that the IFA group’s continued expansion into Africa affirms its commitment to ongoing direct investment in South Africa and neighbouring countries. “The intention is to use IFA SA as a platform for continued investment in Africa, which will expand the group’s global network of resorts and ensure that we continue to deliver exceptional opportunities in tourism and real estate to our global investors.”

“The investment in Boschendal enables IFA SA to elevate Boschendal onto the international real estate market and present the historic estate as a world-class destination,” Werner Burger added.

Clive Venning, CEO of Boschendal, says that IFA SA’s participation in Boschendal is critical to the future development of the estate. “As an established developer of premier leisure hotels and mixed-use resorts, the group will contribute crucial expertise to our project which can only benefit the company and the surrounding Dwarsrivier community.”