Trustco takes over Elisenheim property developers
Diversified group, Trustco Holdings has announced the acquisition of the Elisenheim Property Development Company for N$300 million subject to regulatory approval, and that of the company’s board and shareholders.
In a statement released on Thursday, Trustco said it had, through its wholly-owned subsidiary, Trustco Property Holdings, signed a sale of shares agreement with Philco Twenty Two (Pty) Ltd for the entire shareholding in Elisenheim Property Development Company.
The Elisenheim Property Development Company owns a portion of Farm Elisenheim which consists of 1186 hectares and is an approved Township.
Town planning on the land is envisaged to include 6000 erven, five churches, three schools, general residential, retail and commercial business zones, a nature estate with hotel sites, equestrian facilities and stables, a nature camp and various trails and outdoor facilities.
This development comprises 21 extensions, planned and approved to evolve through 13 phases, as well as a nature estate.
The Elisenheim development is situated north of Windhoek, and falls within the city’s municipal boundaries.
Trustco said the acquisition of the Elisenheim development company is of strategic importance as it continues to consolidate its property portfolio.
Trustco Chairman Adv. Raymond Heathcote, SC, said: “I am extremely excited about this acquisition and believe shareholders …and the Namibian population at large will benefit greatly.”
Trustco Group Managing Director Quinton van Rooyen said a development of this magnitude will require the cooperation of all stakeholders including the Ministry of Regional and Local Government and Housing, the City of Windhoek and the Townships Council.
“We cannot do this alone,” noted van Rooyen “and to make this fifteen year project a success, we will need to call on the collaboration of all willing property developers in Namibia and elsewhere.”
Phase one of the development was started by Philco during 2010. Under the sales agreement, the previous owners will retain responsibility for finalization of the properties under this phase.
Trustco said it intends to develop the remaining phases with the aim to provide serviced land to participating developers as speedily as possible. Activities on the next phase (phase 2) will commence as soon as is practical.