By Nick Wilson

JSE-listed IFA Hotels & Resorts (IFA SA) said on Monday it had acquired a 20% interest for R15m in a joint venture company set up for the purpose of acquiring the Legend Golf & Safari Resort development in Limpopo.

Phillip de Sylva, IFA SA’s vice-president of operations for Africa and Indian Ocean, said on Monday the company had been “looking for a quality game resort destination” to complement IFA SA’s other investments. These include Zimbali Lodge, half of the joint venture developing the Zimbali Coastal Resort and 26,57% of the mixed-use precinct Boschendal estate in Western Cape.

The company said that the transaction would provide IFA SA with the opportunity to enter into the nature-and-game hospitality sector.

IFA SA was advancing R65m in the form of a loan account to the joint venture company for the deal, the company said.

It said the Legend development, to be officially launched in November, formed part of the 22000ha Big Five Entabeni Safari Conservancy.

The total development cost for the entire development was expected to be more than R3bn.

IFA Kuwait, IFA SA’s parent company with an 85% holding, has acquired an additional 30% stake in the joint venture company. This brings 50% of the Legend development under the IFA Hotels & Resorts banner.

As far as other potential acquisitions were concerned, D e Sylva said IFA SA was still trading under a cautionary notice so he could not “speak about other acquisitions under negotiation”.

IFA SA was formed when IFA Kuwait reverse-listed two South African business units into JSE cash shell Moribo Leisure in February last year.

IFA’s share price was unchanged at R3,70 on the JSE on Monday. 

Business Day