Coen Welsh | Nov 14, 2017 | 0
Oryx acquires Gustav Voigts Centre
Oryx properties, the NSX listed property investment company, has added the Gustav Voigts Centre to its portfolio after acquiring Growthpoint’s 100% shareholding in Tuinweg Property Investments.
Oryx recently advised unit holders that it has signed an acquisition agreement with Growthpoint. As part of the agreement, Oryx will acquire the entire shareholding of Growthpoint in Tuinweg for N$220 million subject to various suspensive conditions being met.
Tuinweg is the owner of the Gustav Voigts Centre which consist of 13,200m2 retail and 11,625m2 hotel space. The hotel space is currently let to the Kalahari Sands Hotel and Casino on a long term lease which expires on 30 June 2019. The retail space is anchored by Shoprite Checkers and Wecke and Voigts together with Queens Park. Other major tenants include OK Furniture, Cash Converters, Mr Price and Standard Bank.
The estimated yield of the property is expected to be 12% and will initially be funded by 100% debt. Oryx, which also owns Maerua Mall, among other properties in Namibia and South Africa, said it has already received proposals and commitments from various financial institutions to fund the acquisition.
The company added that the acquisition of the property is of strategic importance due to the location near the CBD where extensive development is taking place.
The acquisition is subject to the unconditional approval of the transaction by the Competition Commission, among other conditions.