Saflands Property Group is seeking buyers for the Gwashamba Mall in Ondangwa and Otjiwarongo Town Centre, the Brief can exclusively reveal.
This comes as the property development company is exiting from the investments to focus on other projects.
“The properties will be put on the market in the next three-years so any developer who is interested in buying a good property with rental agreements going forward can talk to us and look at the values and propositions they are going to come up with then we can use the money and move forward,” Safland Director Ranga Haikali told The Brief.
“Suitors are free to approach the Safland between now and the next 36-months at which point it would like to exit investments identified in its property portfolio.”
Haikali said Safland, through its special purpose vehicle Frontier Property Trust, was keen to move on and had identified other projects for its investor, the Government Institutions Pension Fund (GIPF).
“We had a 10-year mandate with the Frontier Property Trust which is receiving funding from the GIPF,” he said on the sideline of a groundbreaking ceremony for a distribution centre in Windhoek.
The 14 655 square metres centre, which is being financed through the Frontier Property Trust, is being constructed at a cost of N$180 million.
Founded in 1992 in South Africa by Kallie van der Merwe and Mirinda van der Merwe, Safland has completed 11 property developments with a value of approximately N$3 billion since it relocated to Namibiain 2011.
Safland is noted for developing the Grove Mall and The Dunes mall together with Johannesburg Stock Exchange (JSE) listed entity, Atterbury.
It has since exited its involvement in the country’s two biggest shopping malls, with Oryx recently announcing its acquisition of the Dunes Mall in Walvis Bay for N$648,8 million.
