Dubai World sued over consulting on Cape Town V&A sale

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Devland Holdings, an American consulting company, is suing Dubai World over fees owed for consulting, broking, and advising over issues pertaining to the sale of Cape Town’s Victoria & Alfred Waterfront shopping mall and mega-complex.  The company is also pursuing judgment against the new joint owners of the V&A, Growthpoint and PIC.  Dubai World sold its stake for $1.3 billion, the largest real estate deal in South African history.

Dubai World has indicated that they will fight the charges in court, but legal proceedings have yet to begin.  They have already restructured a massive $25 billion of debt.  One of their subsidiaries, Istithmar World, purchased the stake in Cape Town’s largest tourist attraction in 2006 for about $1.6 billion.

 

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Reading Time: 1 minute

Devland Holdings, an American consulting company, is suing Dubai World over fees owed for consulting, broking, and advising over issues pertaining to the sale of Cape Town’s Victoria & Alfred Waterfront shopping mall and mega-complex.  The company is also pursuing judgment against the new joint owners of the V&A, Growthpoint and PIC.  Dubai World sold its stake for $1.3 billion, the largest real estate deal in South African history.

Reading Time: 1 minute

Devland Holdings, an American consulting company, is suing Dubai World over fees owed for consulting, broking, and advising over issues pertaining to the sale of Cape Town’s Victoria & Alfred Waterfront shopping mall and mega-complex.  The company is also pursuing judgment against the new joint owners of the V&A, Growthpoint and PIC.  Dubai World sold its stake for $1.3 billion, the largest real estate deal in South African history.

Dubai World has indicated that they will fight the charges in court, but legal proceedings have yet to begin.  They have already restructured a massive $25 billion of debt.  One of their subsidiaries, Istithmar World, purchased the stake in Cape Town’s largest tourist attraction in 2006 for about $1.6 billion.

 

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