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Grove Mall developers break ground in Walvis

Grove Mall developers break ground in Walvis

Atterbury developers will go ahead this week with a new mall development for a R650 million mall in the port town of Walvis Bay.
Atterbury is the joint developer and co-owner of the newly named Dunes Mall, previously called the Erongo Mall development. Bulk earthworks on the mall began in November 2015 and its doors are set to open to the public late next year. The other partner is property developer Safland. The stalled Walvis Bay project could only continue after Safland and Atterbury reached a cooperation agreement which was announced earlier in February.
Louis van der Watt, CEO of Atterbury, is happy that the unique development and the first of its size will come to the town of Walvis Bay.
“Dunes Mall will be the largest mall in the city and the second largest in Namibia, after Atterbury’s The Grove Mall of Namibia. Our investment continues Atterbury’s African expansion and our commitment to the continent.”
At 30,000sqm, the new Dunes Mall development in Walvis Bay is larger than originally envisioned. It will offer a comprehensive and exciting variety of shopping and entertainment for Walvis Bay residents and visitors, as well as people from throughout Namibia’s greater Erongo region.
Atterbury is a developer of retail property in Africa and beyond. Its motto “a matter of association” show in its belief in beneficial partnerships with best-in-class businesses. For the Dunes Mall project, it has partnered with Safland, one of the leading retail mall developers in Namibia.
The two joined forces previously to develop The Grove Mall of Namibia in the country’s capital Windhoek, which has become Namibia’s icon of world-class retail.
Cobus van Heerden, Atterbury’s Director of Retail notes that Dunes Mall is excellently positioned to meet both retailer and consumer demand in this popular and important city.
It benefits from a prime location at a major road intersection close to the city’s airport and the iconic tourism area of Swakopmund. Dunes Mall is designed to take best advantage of its good site.
In addition, the prime site chosen by Atterbury for Dunes Mall also forms part of a development node that serves a rapidly growing market and offers future expansion possibility.
Van Heerden said that the Dunes Mall is expected to be an accelerator for even more development and investment in the area and that it will be a boost for the local economy in Walvis Bay and its surrounding region.
On completion it will create around 700 sustainable jobs while also giving the people who live nearby a first-class and all-inclusive shopping experience, conveniently located right on their doorsteps.”
Dunes Mall will be anchored by leading retail brand Shoprite, while negotiations with two other major anchors are at an advanced stage. In addition it will feature an appealing selection of stores, services, fast food outlets, restaurants and entertainment.

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.