The Namibian Competition Commission (NaCC) has given its unconditional approval for Oryx Properties to proceed with its acquisition of Dunes Mall in Walvis Bay for N$648,8 million.
Oryx announced late last year that it was acquiring the mall, in a deal which was subject to regulatory approval and a capital raise.
“The Commission approved without conditions the acquisition of Dunes Mall Properietry Limited by Oryx Properties Limited. The Commission has found that the proposed transection is unlikely to result in the prevention and substantial leasening of competition and does not raise any raise any public interest concerns,” the NaCC said.
In term of the acquisition funding, Oryx Properties CEO Ben Jooste revealed to The Brief that the property company was working to raise part of the funding of the N$648.8 million price tag placed on the Dunes Mall by Atterbury, with a portion of the proceeds from a N$248 million debt raised during a bond issuance that was oversubscribed in November 2022.
On the rationale of the acquisition of Walvis Bay mall, Jooste said: ”Oryx’s strategy is to increase the size of the fund by circa 60% over the next three years with an emphasis on diversifying geographically within Namibia.”
This comes after the deal announced last year, was subject to the NaCC approval.
The 27,500m2 Dunes Mall was developed by South African property developer and investor Atterbury, in partnership with local developers Collins Group, a wholly owned subsidiary of JSE listed Tradehold Limited, at a cost of N$600 million.
Dunes Mall is the second largest mall in Namibia after The Grove Mall of Namibia, also developed and managed by Atterbury.
