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.
