The Government Institutions Pension Fund (GIPF) has revealed that it has to date invested over N$1.1 billion in various projects in the Otjozondjupa region.
This comes as the fund’s Chief Executive Officer, David Nuyoma said it had recently invested over N$17 million into land servicing and low-cost housing development for its members and the public at Otjiwarongo.
“With a mission to safeguard and grow the Fund for the benefit of its members, GIPF takes calculated decisions in its investment mandates to ensure the investment is beneficial for the members at present and in the future after retirement. GIPF’s investment resulted in 64 housing units of which our members now call home,” he said.
The latest investment was made into UNISTRAT Investment Property through the Namibia Infrastructure Fund administered by Ino Harith Capital.
“GIPF prides itself not only in investing in communities but in people. Unistrat which started with 15 employees in the office who administered sales of land, grew their staff component by 100 additional employees from Otjiwarongo and surrounding areas to build the houses,” Nuyoma said.
Unistrat started servicing land in Otjiwarongo between 2017 and 2018 and commenced building in August 2019 and its investment to date covers 3 extensions inclusive of extension 12, which came to fruition through GIPF’s investment.
The land serviced is sold through cross subsidization which aims to empower people in middle to low-income brackets to get decent housing.
“Our members are our core business and the Fund’s objective is to ensure they are well taken care of. An investment into land servicing such as this is very rewarding as it makes use of other Special Purpose Vehicles that GIPF also invested in such as First Capital through which the members buy their homes,” he said.
According to Nuyoma, as at March 31, 2021, the Fund had serviced 5,127 plots, constructed 3,721 housing units and financed 2,468 housing loans.
“Our aim is to deliver serviced land and housing by constructing at least 6,000 new houses, nationwide, over the four-year period (with a target to construct 1,500 new houses per year) and to service a minimum of 7,800 new residential plots countrywide (with a target of 1,950 new residential plots per year),” said he GIPF CEO.
The GIPF is the country’s biggest pension fund, with assets worth over N$130 billion.
