Old Mutual’s Tunga Real Estate Fund has invested over N$30 million towards the development of 307 serviced ervens and affordable houses in Kaisosi, Rundu.
Lionel Kannemeyer, Old Mutual Investment Group Namibia Managing Director, said the listed insurer was committed to reducing the country’s housing backlog by developing quality and low-cost houses.
“The project is currently being rolled out in phases and will grow organically as the demand for houses increases in its target market. The development currently consists of modern two and three bedroomed homes across 12 design options. All the homes are equipped with built-in cupboards and aluminium windows alongside quality finishes.
“Our hope is to play a role in addressing the housing shortage our country is facing. Through our various funds and projects, we hope to assist Namibians in the country by creating quality housing opportunities at affordable prices,” he said.
The Rundu housing development is currently being rolled out in phases, with 116 ervens having been serviced as part of the first phase and 42 houses constructed to date. Additional houses are currently under construction.
Minister of Urban and Rural Development Erastus Uutoni thanked Old Mutual Investment Group Namibia and the Tunga Real Estate Fund’s anchor investor, the Government Institutions Pension Fund (GIPF) for investing in housing.
“This project is testament to our ability to raise institutional funds from some of Namibia’s premier institutional investors for deployment in projects that address Namibia’s most critical developmental 2 needs, while still delivering commensurate returns for investors. Investors, principally representing pension fund members and policyholders, benefit from positive returns and tangible investments in communities across the country,” he said during the handover of the first houses.
Figures seen by The Brief show that the GIPF has committed a total amount of N$9.17 billion in unlisted investments with N$1.38 billion allocated to affordable housing in 2021, an increase from N$1.3 billion in 2020.
Old Mutual Namibia, through its Alternative Investment funds, manages a range of funds on behalf of the Old Mutual group and third-party institutional investors targeting private equity, unlisted property, and infrastructure investments.
