Oryx Properties has announced that it has completed the acquisition of the Dunes Mall in Walvis Bay.
The Namibian Stock Exchange-listed company said the development concludes the first phase of its 2025 corporate strategy to grow the fund by 60% in three years.
This comes as the property firm raised N$312.7 million from its recent rights issue, proceeds of which were directed towards the N$632.7 million purchase price.
“Oryx hereby informs Linked unitholders that the Dunes Mall (Pty) Ltd acquisition has been successfully concluded with the transfer of the shares taking place today, Tuesday 01 August 2023. The acquisition concludes the first phase of the 2025 corporate strategy to grow the fund by 60% in three years,” the company said in a stock exchange announcement.
The acquisition aims to achieve geographic diversification and reduce reliance on its largest asset, Maerua Mall.
Dunes Mall is one of the biggest malls in Namibia.
Oryx is a listed property investment fund with a N$3 billion property portfolio and exposure to different real estate industry segments. As part of its Strategy 2025, the company aims to grow the property portfolio to N$4.5 billion geographically within Namibia.
