Doubts over Boschendal deal confirmedAugust 3rd, 2011 by Andrew Moth | Categories: beverages, environmental, industry, legal, restaurants, tourism
It appears that the deal that would have seen the historic Boschendal estate between Stellenbosch and Franschhoek change hands has collapsed. However, negotiations are still continuing over the property.
As part of the conditions precedent, Cinmark, the interested buyer, had to furnish a bank guarantee for R700 million to IFA Hotels & Resorts, which owns Boschendal, by no later than 27 July.
The sellers subsequently extended the date to the close of business on Friday, 29 July. However it was announced today that the bank guarantee had still not been provided by Cinmark and, as a result the agreement had lapsed and is now regarded as null and void.