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Meikles Africa Ld (MIK)

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Friday 03 September, 1999

Meikles Africa Ld

Joint Venture

3 September 1999

                    MEIKLES AFRICA LIMITED
Acquisition of a 50% interest in the Cape Grace Hotel in South
Meikles  Africa  Limited ('Meikles Africa') the Zimbabwe-based
hotel and retail group quoted on the Zimbabwe and London Stock
Exchanges, has acquired a 50% interest in the Cape Grace Hotel
in Cape Town, South Africa with effect from 1st October 1999.

Meikles  Africa has acquired 50% of the business of  the  Cape
Grace  Hotel for US$5.8 million (R35 million, ZW$219  million)
in a joint venture with the founders and operators of the Cape

The joint venture has the right to acquire the hotel building,
which is erected on leased land.  The hotel building has  been
financed  by  a  South African bank.  This financing  will  be
repaid  from hotel revenues and the loan is being  secured  by
equal guarantees from both the joint venture parties.  Meikles
Africa  is  arranging  its  guarantee  by  depositing  US$7.46
million  (R45 million, ZW$282 million) as collateral from  its
US$46  million  funds,  which have  been  deposited  with  the
Reserve Bank of Zimbabwe.

The  Cape Grace is a luxury hotel and has a prime position  at
the Victoria & Alfred Waterfront development in Cape Town. The
hotel  is  currently  being extended and  when  complete  will
comprise 114 guest rooms and suites, and 5 apartments together
with the Quay West Restaurant.

It is a member of the Small Luxury Hotels of the World and has
won  the Small Luxury Hotels of the World 'Hotel of the  Year,
1999'  award.  In addition, the Cape Grace has, for the second
consecutive  year, been voted 'South Africa's Best  Individual
Hotel'  by  the  Travel and Trade Gazette.   The  Professional
Management Review has also just announced that the Cape  Grace
is  winner  of  the  Golden Arrow award for the  'Best  Hotel,
1999'.   This  award is voted on by the Managing Directors  of
the 100 largest travel agencies in South Africa.

Southern  Africa is increasingly becoming a destination  venue
of  choice  for  foreign  tourists  and  numerous  synergistic
marketing  benefits will be attainable between the Cape  Grace
and  the Victoria Falls and Meikles hotels, both award winning
members of the Leading Hotels of the World group.

The  acquisition  of  a hotel operation in  Cape  Town  is  an
initial  step  in realising Meikles Africa's aim of  acquiring
leading  regional hotels. The Company has invested  US  dollar
capital  into a strong regional currency income  stream.   The
Cape  Grace  is expected to make a meaningful contribution  to
the earnings growth of Meikles Africa.

The  transaction  is  still subject to  normal  due  diligence

John Moxon, Chairman, commented:

'The Cape Grace acquisition represents a significant step  for
Meikles  Africa into a highly attractive market and a  quality
asset, in line with our strategy of expansion into sub-Saharan
Africa within the Group's area's of expertise.'


Meikles Africa                 Tel: + 263 4 252068 -78
Charles Golding, Finance Director
Andy Lane Mitchell, Company Secretary

Meikles Hotel                   Tel: +263 4 700561 / 707721
Roy Meiring, Chief Executive

College Hill                    Tel: +171 457 2020
Corinna Dorward
Nicholas Williams


a d v e r t i s e m e n t