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Nedbank to offload property to consolidate and improve overall operational efficiencies

Nedbank to offload property to consolidate and improve overall operational efficiencies

Two Nedbank-owned commercial properties in Windhoek, were put on the market earlier this week. The two buildings are the Nedbank Business Centre in Ausspannplatz and the Nedbank Head Office in the Central Business District.

Nedbank Namibia’s Head: Marketing and Communications, Gernot de Klerk told the Economist that since Nedbank Namibia has a staff complement of around 750 people, of which well over 70% are based in Windhoek, there was clearly a need to consolidate various office sites across the city into one shared, multi-functional building to give effect to improving overall operational efficiencies.

“These plans are at the budding phase and are being explored as we speak. When our consolidation plans come to fruition, it will certainly represent a significant investment on our part to further strengthen our commitment and contribution to the economy of our country,” he added.

Cape Town-based Quoin Online – the company tasked with the deal to dispose of the properties said in a statement said these properties are among a total of seven that the Nedbank Group has instructed to be sold in South Africa and in Namibia.

Quoin Online’s Wayne van der Vent said it is not often that institutional investors dispose of such big properties. “The sale of these properties presents investors and developers with a rare opportunity to acquire institutionally-held properties in good areas. And they are sizeable properties, so investors can undertake large developments, whether for refurbishments or redevelopments,” he added.

Van der Vent noted that Nedbank’s deal with Quoin Online has enabled it to dispose of a portfolio of properties located in the two countries through a single sales platform.

“And the fact that our platform is being used by a banking corporate such as Nedbank, which has numerous governance requirements, gives us a fair amount of credibility,” he added.

In addition to the two properties in Windhoek, Nedbank is also disposing of three in Gauteng and two in the Western Cape.

Eleven of Nedbank’s 30 branches in Namibia are located in Windhoek.


 

 

About The Author

Musa Carter

Musa Carter is a long-standing freelance contributor to the editorial team and also an active reporter. He gathers and verifies factual information regarding stories through interviews, observation and research. For the digital Economist, he promotes targeted content through various social networking sites such as the Economist facebook page (/Nameconomist/) and Twitter.

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.