Oryx properties concludes final tranche in acquisition of additional investment property in Europe
Oryx Properties Limited this week on the SENS platform informed unit holders that the final tranche in respect of the subscription agreement amounting to N$100 million was finalised on 30 July 2018.
The N$100million will be utilized by Tower Property Fund International (TIL) to acquire additional investment properties in Croatia. This in turn will increase the guaranteed yield of 6.8% in the medium term.
“It should be noted that this achievement is within the contractual period as previously communicated.
This now completes the full N$300million investment into TIL which unitholders will benefit from in the 2019 financial year,” according the Oryx Board of Directors in statement.
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 shares from JSE listed Tower Property Fund (TPF), as well as a subsequent subscription for TIL shares amounting to N$100 million.
Oryx is a property loan stock company listed on the Namibian stock exchange (NSX) invested in Namibian direct property, and at times, HSE listed property only primary listed property company on the NSX.