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Oryx Properties buys Dunes Mall in Walvis Bay

Oryx Properties buys Dunes Mall in Walvis Bay

Oryx Properties recently acquired 100 % ownership of the Dunes Mall in Walvis Bay.

Oryx Properties CEO, Ben Jooste said he is excited about the acquisition and said that negotiations with the sellers were also concluded at a purchase price of N$648,800,000 at the first-year yield of 9.5%.

“We are delighted about this transaction as Dunes Mall is a premier retail asset in Walvis Bay. The total gross lettable area amounts to 32,438 m with other tenants including Checkers, Pick n Pay, Game, and Woolworths. The acquisition fits well within Oryx Properties Limited’s strategy, focusing on geographically diversifying the portfolio and de-risking the Group’s over-dependence on Maerua Mall,” added Jooste.

Jooste further said the transaction and final purchase price are subject to certain conditions being met as agreed with the sellers, regulatory approval from the Namibian Competition Commission, and the successful completion of partial equity raised by Oryx with the remainder being funded through debt.


About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and she believes education is the greatest equalizer. She received her degree in Journalism at the Namibia University of Science and Technology (NUST) in June 2021. . She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.

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