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In an initial investment of US$ 10 million, IFA Hotels & Resorts acquired a 50% equity stake in the renowned Zimbali Coastal Resort in the KwaZulu-Natal region, north of Durban in South Africa.
The joint venture that was formed – namely Moreland/IFA Resort Developments – is along with Moreland Developments, a property subsidiary of the Tongaat-Hulett Group, a major South African company that is listed on the Johannesburg Stock Exchange and the London Stock Exchange, with US$ 1.1 billion in assets and 9,100 employees.
www.moreland.co.za
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