| Tue 28 Aug 2007, 11:53 | | IFH- IFA Hotels & Resorts Limited - Press Release |
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IFH
IFH
IFH- IFA Hotels & Resorts Limited - Press Release - IFA invests in the Waterberg
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the company")
IFA HOTELS & RESORTS INVESTS IN THE WATERBERG
The IFA Hotels & Resorts group acquires a stake in the Legend Golf & Safari
Resort located within the greater Entabeni Game Reserve
IFA Hotels & Resorts Ltd (IFA SA), 85% owned by IFA Hotels & Resorts Kuwait (IFA
Kuwait), officially announces its entry into the Waterberg Biosphere hospitality
market by acquiring a 20% stake in a Joint Venture Company formed for the
purpose of acquiring the Legend Golf & Safari Resort development (Legend).
The Legend development, to be officially launched in November, forms part of the
malaria-free 22,000ha Big Five Entabeni Safari Conservancy, situated in South
Africa`s Limpopo Province. The total development cost is expected to exceed
R3bn.
IFA Kuwait, currently also developing the five-star Fairmont Zimbali Hotel
resort in KwaZulu-Natal, has simultaneously acquired an additional 30% stake in
the Joint Venture Company, which together with IFA SA`s 20% stake effectively
secures 50% of the Legend development under the IFA Hotels & Resorts banner.
IFA Kuwait and IFA SA are listed on the Kuwait and JSE Limited stock exchanges
respectively.
Peet Cilliers, Legend group CEO, says that the Legend Lodges, Hotels & Resorts
Group welcomes the partnering with this "internationally acclaimed leader in the
development of premier integrated mixed-use hotel and tourism projects and
luxury leisure services."
The resort is a truly unique world first, where the Big Five roam freely on the
savannah grasslands. Lying in the shadow of the imposing Hanglip mountain, the
resort epitomises the unique lifestyle of the bushveld. The design and layout
minimize impact on the surrounding natural resources, preserving the pristine
bushveld environment whilst enhancing privacy, exclusivity and tranquillity.
Werner Burger, President and COO of IFA Kuwait, stated: "In addition to being
very pleased about today`s announcement regarding our new partners, we`re also
extremely excited about our first Big Five Game Reserve investment in Southern
Africa. As with all our investments, the Legend Golf & Safari Resort is an
invaluable contributor to our set strategy to reach into the most beautiful
corners of the globe."
Located in the Waterberg, Limpopo Province, the resort will be a comfortable 3
hour drive via the N1 freeway from Johannesburg. This exceptional residential
estate is complimented by an 18-hole championship golf course with each hole
endorsed by the signature of one of the world`s top professional golfers - 18
individual signatures, a world first. A state of the art Golf Academy with a
driving range will offer the avid golfer a range of products including
professional training programs with virtual reality training facilities.
Other facilities of the resort include a Welcome Centre and Club House, between
them offering a variety of boutique shops, dining options, entertainment and
leisure activities for the whole family. The Club House affords golfers and
patrons serviced dressing rooms and the exclusive founding members` lounge, with
all spaces naturally and logically emanating from the central courtyard which
overlooks the 9th and 18th greens and the majestic Waterberg mountain range.
An internationally branded five-star hotel with a health spa and a wellness
centre, as well as conference and recreational facilities for up to 2,500
delegates, add to its magnificence.
Cilliers states that, with full development rights in place, the main
construction of the golf course is nearing completion and the construction of
the resort`s gate house is in progress. Bulk services have been completed in the
estate`s first phase, which has already been sold out by private invitation.
Selected investors will be able to acquire further stands, also by private
invitation, before the official launch of the remaining phases.
He added that the local community also stands to benefit by the establishment of
the Legend Foundation, which will be involved in a variety of sports such as
soccer, rugby, netball, hockey, tennis and cricket at the Fields of Legends
complex, in conjunction with associated sports academies. Educational sports
programs offered at these academies will assist in the training of talented
youngsters from the Limpopo Province.
Various other projects have also been initiated to boost the upliftment of local
communities, such as a garden nursery and vegetable cultivation. A housing
project, which includes a school and clinic, has already been established and
the first houses are nearing completion.
Further to this, Cilliers says that the construction phase will ensure job
creation for approximately 1,000 skilled workers. Upon completion of
construction, some 1,000 staff will be employed on a permanent basis.
Talal Jassim Al-Bahar, Chairman and Managing Director of IFA Kuwait, and CEO of
IFA SA, concludes: "We are pleased with this acquisition as it is a
continuation of our intention to invest in South Africa and Africa, a focus area
of our set global expansion strategy. Legend Golf & Safari Resort is a `one of
a kind` and it will be a great destination for South African and International
investors and tourists. It is our aim to provide our clients with both superb
and varied investment and recreational opportunities, and this bushveld
experience perfectly compliments the Zimbali Coastal Resort and our other
developments."
IFA SA continues to trade under a cautionary on the JSE Limited.
Ends.
Date: 28/08/2007 11:53:01 Produced by the JSE SENS Department.
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