Tunga Real Estate Fund acquires majority shares in MICC Properties
Tunga Real Estate Fund, an unlisted property fund capitalized by the GIPF and managed by Old Mutual, has taken over the majority shareholding in MICC Properties, formerly owned by Vukile Property Fund.
Through the acquisition Tunga Real Estate Fund gained exposure to five commercial properties in Namibia – 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango.
Old Mutual said that this investment forms part of its unlisted property strategy for the deployment of institutional funds in residential and commercial property. The deal lays the groundwork for an eventual full ownership of these properties by Namibian investors.
“This investment serves as a great catalyst in accelerating economic growth and addressing Namibia’s most critical infrastructural needs, while still delivering commensurate returns for investors. We are proud to bring these assets back under Namibian ownership and look forward to managing them for the benefit of Namibian pension fund investors and local economy,” said Lionel Kannemeyer, the Managing Director for the Old Mutual Investment Group Namibia.
Tunga Real Estate Fund owns commercial properties in Arandis, Rehoboth, Grootfontein, Windhoek, Ondangwa, Oshakati and Oshikango. The fund has ongoing housing projects in Otjiwarongo, Mariental and Kaisosi near Rundu.,
Tunga Real Estate Fund is managed by a team of dedicated investment professionals located in Namibia.