V&A Waterfront Properties has appointed the valuation and professional services division of Old Mutual Properties to value the entire property portfolio and unutilised development bulk in the V&A Waterfront, Cape Town's and South Africa's most visited destination.

"The Waterfront is a complex, multifaceted asset which continues to grow in stature," says Derick van der Merwe, managing director of the Waterfront management company.

"It is an internationally recognised landmark which we believe, in the normal course of business, now requires a market valuation that will be internationally recognised."

The valuation division at Old Mutual Properties values properties with a combined value in excess of R9-billion for various clients every year. The division, which specialises in large and complex properties, has developed a comprehensive database of valuation evidence, and the divisional manager, Trevor King, enjoys international recognition as a member of the Royal Institution of Chartered Surveyors.

"For the Waterfront valuation we will be using the inter-nationally recognised discounted cash-flow methodology," says King.

"The project requires us to produce a fundamental rand valuation of one of the best property assets in Africa." - The Star