OM grows Namibia’s Direct Domestic Investment Portfolio
Old Mutual Namibia has been able to make considerable differences within the spheres of housing, renewable energy, education, and health, through funds managed by Old Mutual’s Alternative Investment function.
Old Mutual has been a trusted partner in funding various housing development projects and since the inception of the project, Old Mutual Namibia has been able to source more than N$550 million for a new Infrastructure Fund.
This enabled the company to invest more than N$200 million in land servicing projects in Windhoek, Swakopmund, Otavi and Walvis Bay. A further N$300 million for combined land servicing and affordable housing were invested in: Otjiwarongo (300 ervens developed and 292 houses to be delivered); Rundu (116 ervens and currently more than 32 housing units delivered); and, Mariental (56 ervens and 206 houses to be delivered).
Previous land delivery initiatives were successfully delivered and already exited in Walvis Bay and Windhoek. Commercial properties of over N$650 million were deployed in various towns including Windhoek, Rehoboth, Keetmanshoop, Arandis, Grootfontein, Ondangwa and Oshikango.
“Our investments in a myriad of bankable projects, particularly in the housing and infrastructural development space, seek to balance commercial returns with a positive social impact. Our track record is a testament to the fact that attractive returns and a positive impact are not mutually exclusive,” said Lionel Kannemeyer, the Managing Director for the Old Mutual Investment Group.
Kannemeyer also said the success of Alternative Investments within the renewable energy sector.
“We are cognizant of the need for additional power generation to service the needs of both communities and industry, and currently invested in six (6) renewable assets with a combined power generation capacity over 25 MW which feed into the national power grid. These are located from Rosh Pinah in the far south, Keetmanshoop, Rehoboth, Grootfontein, to Otavi and Okatope in the far north of Namibia,” he said.
“Human Capital investment is another critical component of any country’s socio-economic growth and future; therefore, we have endeavoured to invest in various schools and institutions of learning to the tune of approximately N$70 million for projects which are located in Windhoek, Walvis Bay, and even so far as Nkurenkuru,” Kannemeyer added.
In terms of healthcare, Old Mutual has funded medical infrastructure to the value of some N$30 million which was developed and invested in Rehoboth and Ondangwa.
“We have developed investment structures which are flexible enough to fit local circumstances and evolve as the local market circumstance develops. Old Mutual, therefore, values the importance of local domestic investment and continues to raise funds from pension funds to support and fund developments which would not only improve the socio-economic development of the country but also ensure sustainable Return on Investment (RoI) goals are met,” Kannemeyer concluded.