Competition Commission approves Gustav Voigts Centre deal
The Namibian Competition Commission has given its blessings to the deal in which Oryx Properties was seeking permission to acquire the Gustav Voigts Centre from Growthpoint Properties.
Oryx Properties, the Namibian Stock Exchange listed property company, announced this week that all the suspensive conditions pertaining to the acquisition of the entire shareholding in Tuinweg Property Investments which owns the Gustav Voigts Centre have been fulfilled.
The suspensive conditions fulfilled include the successful conclusion of the property due diligence and the unconditional approval from the Competition Commission which was only obtained this week Tuesday, 01 October 2013.
Oryx announced in August its intention to add the Gustav Voigts Centre to its portfolio after signing an acquisition agreement for Growthpoint’s 100% shareholding in Tuinweg Property Investments in a deal worth N$220 million funded through debt secured from Nedbank Namibia. Oryx Properties, whose main strategy is to grow its portfolio by acquiring assets that produce dependable, sustainable and growing income streams to its investors, expects the property to have a yield of around 12%. The Gustav Voigts Centre offers 13,200 square metres retail and 11,600 square metres hotel space occupied by 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 & Voigts retailer together with Queens Park. Other major tenants include OK Furniture, Cash Converters, Mr Price and Standard Bank. Oryx also owns Maerua Mall, among other properties in Namibia and South Africa. The company said the acquisition of the Gustav Voights Centre property is of strategic importance due to its location near the Central Business District where extensive development is taking place. The Gustav Voigts Centre is also one of the very few central properties with its own parkade on four levels, providing parking to about 250 cars, as well as convenient parking and access for patrons of the Kalahari Sands Hotel.