Coen Welsh | Nov 14, 2017 | 0
Oryx back in local hands
Oryx Properties has sold 25.5% of its shares which were previously held by SA Corporate Real Estate Fund to TLP Investment One Three Seven for N$185 million.
TLP Investment One Three Seven, a consortium of Namibian companies, acquired the entire SA Corporate holding with effect from 31 January. The transaction which was concluded late last year, placed Oryx back into local hands and further ensured that approximately 74% of Oryx shares are now owned by Namibian investors.
According to Stefan de Bruin, CEO of Oryx Properties, the transaction has now entrenched Oryx Properties as a truly Namibian owned entity.
As part of the funding of the purchase consideration, TLP Investment shared their acquisition with other interested investors with Coronation Fund Managers and Sanlam Namibia being the major participants.
“The local shareholders will predominantly reap the benefits of the company’s success (distribution and capital growth) and this include the local Government Institutions Pension Fund and other Namibian pension funds,” de Bruin said.
He further said that prior to the sale of the 25.4% stake, 51.8% of Oryx units were in the hands of two major listed property funds in SA, which exposed Oryx to a possible takeover risk.
“This transaction has resulted that Oryx is now in the hands of minorities, predominantly Namibian. Furthermore, the transaction has increased the unit price from 1 152 cpu to 1 320 cpu, and consequently moved the market price closer to the net asset value, which was reported as 1 474 cpu at year-end 30 June 2011,” said de Bruin.