Waterfront goes on sale

RAY SMUTS
NO el cheapo offers, please. Transnet got down to the serious business of selling one of its prime ‘non-core’ assets - Cape Town’s Victoria and Alfred Waterfront - last week, having shrugged aside an earlier R5 billion bid and making it crystal clear only the highest price will suffice. If not, one option lies in evaluating tender offers against a potential listing on the JSE to determine which process will deliver the best possible price. The winning bid will be announced in September but if Transnet does not obtain its price it could scrap the entire process at any time and switch to a listing process. The sale will help raise R64-bn for Transnet’s investment programme.