Another big wine estate in South Africa has been sold for a whopping R700 million.
FA Hotels & Resorts (IFH) announched that it had signed a sale of shares agreement with Cinmark Twenty Seven for the sale of Boschendal Wine estate. The estate use to belong to IFA Boschendal Investments and JCI Investment Finance.
Earlier this year the finance house JCI approached Investec Bank for a further loan to meet near-term cash requirements.
IFA Boschendal Investments and JCI Investment Finance said they received an unsolicited offer from Cinmark, which they reviewed and concluded to be an attractive offer.
Boschendal is set on a 2 240 hectare estate between Stellenbosch and Franschhoek in the Western Cape, and consisted of vineyards which covered an area of 254 hectares. It’s also one of South Africa’s oldest wine estate.