Oryx Properties finalises N$200 million investment in the Tower Property Fund
Oryx Properties announced recently that it signed the sale agreement that will allow the firm to diversify its property portfolio into Europe, specifically Croatia.
The agreement, first announced on 2 March this year, consists of two parts, a share purchase agreement for N$200 million worth of Tower Property Fund International (TIL) shares from JSE listed Tower Property Fund (TPF), as well as a subsequent subscription for TIL shares amounting to N$100 million.
The recent 18 July announcement notes that the sale agreement was signed on 16 July and the N$200 million paid to the Tower Property Fund.
According to IJG Research, the signing of the share sale agreement indicates the finalization of the incorporation of TIL in Mauritius, which was a condition precedent to the signing of the two-part agreement.
“The subscription by Oryx for an additional N$100 million worth of TIL shares (second part of the agreement) has not taken place as yet and the announcement doesn’t provide clarity on the timing thereof, stating only that it will take place in due course. As the agreement is set to lapse on the 31st of July we assume that the subscription will be concluded before this date,” IJG Research said.