R/€ = 14.16
R/$ = 10.33
Au 1229.91 $/oz
Pt 1362.00 $/oz
Apr 05, 2004
Boschendal: upliftment vision fortifies development planBack
Luxembourg|Boschendal|Citation Holdings SA|Dyambu|Ituseng Strategic Investments|Khomelela|Kovacs Investments|Kovacs Investments 608|New Line Investments|Umoya Holdings (10%) Ikamva Investment Holdings|Luxembourg|South Africa|Zimbabwe|Boutique Hotel|Real Estate|Western Cape|Chris Nissen|ChrisnNissen|Clive Venning|Franco Barocas|Jacques Van Der Heyde|Spekkies Van Breda|Maryland
© Reuse this Some of South Africa’s poorest are to share in the most expensive real estate in South Africa, a R3,8-billion residential development at Boschendal in the Western Cape.
The wine estate’s new owners, a consortium of Luxembourg-registered company Citation Holdings SA, which has acquired 70%, and Kovacs Investments 608, a broad-based empowerment group, which has acquired 30%, have grand designs for the 300-year-old wine estate, which is nestled equidistantly between Stellenbosch, Franschhoek and Paarl.
In addition to the construction of the residential estate, which will include 20 founders’ estates, a number of low-impact homesteads, a retirement village and a boutique hotel, Boschendal plans to produce a pinnacle wine to compete with the world’s best, gradually increase its percentage of red wine sales and grow its exports.
Striking the largest wine-related empowerment deal in the country means that 550 previously- disadvantaged people will share in any profits.
Kovacs Investments is chaired by former-ANC-leader-of-the-Western-Cape-turned-businessman Chris Nissen.
Its shareholders are Ituseng Strategic Investments (30%), New Line Investments (35%), Umoya Holdings (10%) Ikamva Investment Holdings (15%), Jacques van der Heyde (5%), and two women’s groups, Khomelela and Dyambu, which hold the remaining 5%.
“It is still early days, but we are committed to being a market leader in black economic empowerment (BEE),” says Boschendal’s new CEO, Clive Venning.
“One of the reasons that Nissen is the chairman of the holding company is because of his considerable experience and expertise in facilitating partnerships that promote BEE and empowerment,” he says.
The consortium bought the assets of the 2 240 ha Boschendal estate from Anglo American Farms (Amfarms) last year for R323-million and took over its existing 220 employees, including cellar master JC Bekker and viticulturist Spekkies van Breda.
The entire wine business, restaurants and tourism elements will be headed up by the new MD of Boschendal Wines, Franco Barocas.
“The effective date of the transaction was November 1 and the transfer took place on March 9,” says Venning, whose other major developments in the last 15 years have included Pezula Private Estate, Sparrebosch Golf course and hotel, in Knysna, and Sun River/Borrowdale Brooke Country Club, in Zimbabwe.
In the first phase of the transaction the consortium has bought 917 ha, which is primarily the wine operation and includes all 11 dams on the estate; the red and white wineries with a combined capacity of 300 000 cases or 3,6-million bottles; restaurants Le Caf
Edited by: Jill Stanford© Reuse this Comment Guidelines
Other Construction News
Updated 19 minutes ago The South African National Roads Agency Limited's (Sanral's) credit rating has been affirmed by rating agency Moody's Investors Service, according to Business Report on Monday. Sanral's credit rating has been downgraded three times since February last year and was...
Updated 41 minutes ago Power utility Eskom has placed its energy efficiency rebates for businesses and homes on hold, pending a review of the incentive programmes in light of financial constraints, integrated demand management (IDM) senior GM Andrew Etzinger has confirmed. This applies to...
Updated 58 minutes ago South Africa's Bidvest has raised its stake in drugmaker Adcock Ingram to 6.8% in its effort to block a $1.2-billion takeover bid by a Chilean firm, a regulatory filing showed on Friday. Bidvest and its outspoken founder and chief executive Brian Joffe are battling...
Recent Research Reports
Defence 2013: A review of South Africa's defence industry (PDF Report)
Creamer Media’s 2013 Defence Report examines South Africa’s defence industry, with particular focus on the key players in the sector, the innovations that have come out of the defence sector, local and export demand, South Africa’s controversial...
Road and Rail 2013: A review of South Africa's road and rail infrastructure (PDF Report)
Creamer Media’s Road and Rail 2013 Report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Liquid Fuels 2013 (PDF Report)
Creamer Media’s 2013 Liquid Fuels report examines South Africa’s liquid fuels market, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing,...
Projects in Progress - Second Edition (PDF Report)
Creamer Media’s second Projects in Progress supplement considers some of the major project developments under way, including high-profile energy and transport projects, as well as a few of the lower-profile public and private developments. What remains apparent is...
Water 2013: A review of South Africa’s water sector (PDF Report)
Creamer Media’s Water 2013 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Canadian Mining Roundup for June 2013 (PDF Report)
The June 2013 roundup includes details of the development of TSX-V-listed Aldridge Minerals’ flagship Yenipazar polymetallic project, in Turkey; the Canadian Nuclear Safety Commission’s renewal of Cameco’s uranium mining licence pertaining to the Cigar Lake...
This Week's Magazine
Mitsubishi Motors South Africa (MMSA) has introduced a 4x2 derivative of its Pajero Sport sports-utility vehicle (SUV), which will give it access to a substantial slice of the full-size SUV market, where it will compete with the likes of the Ford Everest, Chevrolet...
South African Energy Minister Ben Martins has affirmed that the government wants the country to be globally competitive in the nuclear sector. "Our responsibility has always been ... to ensure that, in nuclear energy, South Africa can compete with the rest of the...
Mercedes-Benz South Africa (MBSA) president and CEO Dr Martin Zimmermann describes the new S-Class as “a special place to be”, with the car creating a sense of “wellness” once you are seated inside the German brand’s flagship model. It is difficult to argue...
Water scarcity and water-quality issues are broadly recognised and understood in most political, business and civil organisations in South Africa, but solving water issues will require wide and continuous action in catchments and municipalities by organisations and...
Work is well under way on the R212-million Imvutshane dam, 30 km north-west of Stanger, in KwaZulu-Natal, which is a key link in supplying people in rural Maphumulo with a reliable source of safe drinking water.