IFA ups its stake in Boschendal

IFA Hotels & Resorts Limited (IFA SA) has expanded its South African and global presence by acquiring a further 7,32% stake in Boschendal Limited, increasing its stake to 26,57%.

Talal Jassim Al-Bahar, CEO, IFA SA, and Chairman and Managing Director, IFA Hotels & Resorts Kuwait (IFA HR Kuwait) said: "The acquisition reinforces our confidence and belief in the Boschendal transformation and development plans. As an integral contributor to the Boschendal transformation initiative, supported by the local community and planning authorities, we are pleased to invest in an iconic South African brand such as Boschendal."

The acquisition is part of a set strategy by IFA HR Kuwait, which owns 85% of IFA SA, to expand the geographic reach of IFA HR Kuwait as a global developer of mixed-use integrated resorts. It also aligns with IFA SA's strategy to deliver new premier resort and residential developments in South Africa, diversifying from Kwa-Zulu Natal where it owns Zimbali Lodge and holds a 50% stake in the joint venture that is developing Zimbali Coastal Resort."

The current development plans for the proposed mixed-use development on Boschendal's 2,400-hectare estate include the superb Founders Estate sites nestled amongst the vineyards on the slopes of the Simonsberg mountain, residential homes set within villages of varying in size, an upmarket retirement village, a boutique hotel and a mixed-use precinct combining shopping, offices and apartments. Ultimately only 7% of the 2400 hectares will be covered by buildings and gardens.

Werner Burger, President and COO, IFA HR Kuwait, said: "The tangible results of our global expansion strategy are there for all to see. Apart from Boschendal and Zimbali, IFA SA recently announced its entry into the Namibian hospitality market in a R550m joint venture with Ohlthaver & List. This was made possible because of our established platform through IFA SA for continued investment in Africa. We aim to expand the group's global network of resorts, ensuring that we continue to deliver prime tourism and real estate opportunities to our global investors."

Clive Venning, CEO, Boschendal, said: "There is no doubt that IFA SA's participation in Boschendal is of critical importance to the future development of the estate and its admirable transformation initiatives. It is therefore frustrating that, despite the overwhelming support this development initiative has, due legal process in respect of rezoning and other regulatory issues has hampered the delivery of substantial benefits to both the developer and the community. However, the world heritage status of Boschendal requires the adoption of a slower, more careful approach to design and planning in order to ensure the development's success and minimum disruption to the valley. The patience of our wise investors has been remarkable."

Boschendal Limited has taken its cue from President Mbeki's State of the Nation Addresses in 2004 and 2005 to adopt responsible corporate citizenship in promoting a people-centred society, the eradication of poverty and inequality and the improvement in quality of life. The transformation will generate jobs and lead to a 30% rise in real wages in the region. Boschendal has pledged 210 hectares of land towards the Local Community Trust. In addition annuity income in perpetuity is also guaranteed to the Trust through a 5% (five percent) contribution from first time property sales and 0.5% (half a percent) from future property resales, which is estimated to raise over R100million over the next 10 years.

Investors that have recognised the obvious beauty and potential of Boschendal have already reserved stands to the value of over R600m, but all negotiations have been put on hold pending a clear signal from the planning authorities.

IFA HR Kuwait also has major development projects in Dubai, United Kingdom, Thailand, Portugal, Lebanon, Zanzibar, Namibia, Kenya and is currently exploring further opportunities in South Africa, Africa and the Indian Ocean region.

Al-Bahar concluded: "Our strong strategic partnerships and relationships with international hospitality partners such as Moreland, Kingdom Hotel Investments, Nakheel, Istithmar, United Investments Portugal, Raimon Land and Ohlthaver & List provides an outstanding synergy of skills adding significant value to our partners in development".

IFA SA continues to trade under a cautionary on the JSE Limited.
-ends-

For further information please contact:

IFA Hotels & Resorts
Manager- Public Relations – Samantha McBride
Tel: +971 50 711 6209
Email: samantha@ifahotelsresorts.com
www.ifahotelsresorts.com
IFA Hotels & Resorts
VP Operations (Africa & Indian Ocean) – Phillip de Sylva
Tel : +27 32 5381988
Fax : +27 32 5381864
Email : phil@ifahotelsresorts.com
Website: www.ifahotelsresorts.com






About IFA Hotels & Resorts:

www.ifahotelsresorts.com

The IFA Hotels & Resorts Group is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Far East, the Indian Ocean region and Africa.

IFA Hotels & Resorts KSCC (IFA Kuwait) listed on the Kuwait Stock Exchange in January 2006. IFA Hotels & Resorts Limited (IFA SA) listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006. The Group has plans to list on other major exchanges in the future. In January 2007, IFA Kuwait invested in listed Thai developer Raimon Land.




Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), Istithmar (UAE), United Investments (Portugal), a strategic alliance with RCI (part of the Cendant's Group), Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd. (South Africa) and most recently Raimon Land (Thailand).

IFA Hotels & Resorts aims to link its resorts to new parts of the globe, such as the US, the UK, the Indian Ocean and Eastern Europe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.

IFA Hotels & Resorts Worldwide Projects:

DUBAI

IFA Hotels & Resorts is the largest investor on The Palm Jumeirah.

• The Fairmont Palm Hotel & Resort – A 400 room 5 star hotel on the trunk of The Palm Jumeirah.
• The Fairmont Palm Residence - 558 luxury apartments. (www.fairmontpalmresidence.com)
• The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings on the trunk of The Palm Jumeirah, with 246 apartments.
• The Palm Golden Mile development - A joint venture project with Istithmar. A project featuring 860 luxury apartments, 19,500 sq. metres of office space and 22,000 sq. metres of retail space comprising boutique shops and restaurants, all stretching along 7.8 hectors of park land. (www.thepalmgoldenmile.com)
• Kingdom of Sheba - A 1,000 key destination on the Crescent of The Palm Jumeirah (adjacent to Atlantis) comprising residences (Balqis Residence), a Hotel (Fairmont Kingdom of Sheba), Vacation Club (Fairmont Vacation Club, Kingdom of Sheba), Private Residence Club (Fairmont Heritage Place, Kingdom of Sheba) and a souq (retail plaza) – all to be managed by Fairmont Hotels & Resorts. (www.kingdomofsheba.com)
• Laguna Tower – A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai Marina, comprising residential apartments and a hotel-residence managed by Mövenpick Hotels & Resorts, the Movenpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront. (www.lagunatower.com)



LEBANON

• Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will consist of high-end residential villas, townhouses and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels. (www.abadiyahhills.com)
• Four Seasons Hotel Beirut - IFA Hotels & Resorts is also a shareholder in this upcoming development.



PORTUGAL

IFA Hotels & Resorts is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood's Luxury Collection.

SOUTH AFRICA

• Zimbali Coastal Resort & Zimbali Lakes Resort - IFA Hotels & Resorts owns a 50% share in the luxurious resort, a 700 hectare prime residential and resort estate located on the north coast of KwaZulu-Natal. (www.zimbali.co.za)
• Zimbali Lodge - IFA Hotels & Resorts owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
• The Fairmont Zimbali – A new 154 hotel key resort, with a unique portfolio of freehold properties including 57 apartments, 17 ultra luxury villas, 20 golf chalets and 10 villas incorporated into a Fairmont Heritage Place Private Residence Club, all to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
• Boschendal Limited - A mixed- use resort development at an historic Cape Estate. (www.boschendal.com)

KENYA:

• Fairmont Hotels – IFA Hotels & Resorts is a shareholder in five Fairmont operated Hotels in Kenya

ZANZIBAR

• Mövenpick Resort & Spa – Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by Mövenpick Hotels & Resorts. (www.zanzibarbeachresort.com)

UNITED KINGDOM:

• YOTEL – IFA Hotels & Resorts is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)

THAILAND:

• IFA Hotels & Resorts owns approximately 24.9% of listed Thai real estate developer, Raimon Land. The Raimon Land portfolio includes: The Lofts Sathorn, The Lakes, The Legend Saladaeng, Northshore (Pattaya), Kata Gardens (Phuket), The Heights (Phuket), Northpoint (Pattaya), The Lofts Yannakart (Bangkok) and The River (Bangkok). (www.raimonland.com)










INVESTMENT AND HOSPITALITY PRODUCTS:

IFA Hotels & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range:

• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA Residences
• IFA Properties
• IFA Yacht Ownership
• IFA Jet Ownership
• IFA – Travel & Tourism

This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.


For more information contact +27 32 5381988 or email phil@ifahotelsresorts.com or visit www.ifahotelsresorts.com.

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