Trustco Group Holdings Limited (Trustco) has announced the additional acquisition of an 11.35% interest in Legal Shield Holdings Limited (Legal Shield) from Riskowitz Value Fund LP (RVF) for N$468 million, increasing its shareholding to 91.35%.
The transaction fortifies Trustco’s investment footprint in the insurance and real estate sectors in Namibia, with acquired assets encompassing Trustco Insurance Limited, Trustco Life Limited, and an extensive real estate portfolio spanning 2,473 sellable hectares (6,112 acres) of prime real estate strategically positioned across Namibia.
According to Trustco, the real estate portfolio has generated cash in excess of N$934 million since 2011, with the current average selling price for the portfolio standing at N$1,800 per square meter.
“This acquisition underscores our commitment to creating long-term value for our investors and allows us to capitalize on the anticipated capital growth, improved liquidity, and buyer demand in the Namibian real estate market. By expanding our real estate portfolio, we are poised to benefit from Namibia’s resurgent property market in the post-pandemic era,” said Trustco Deputy CEO Quinton Z van Rooyen.
The transaction is subject to customary regulatory approvals and is expected to be finalized by July 31, 2024, or as otherwise agreed upon by both parties.
Trustco will issue 400 million new shares to RVF at N$1.17 per share in two tranches of 200 million shares each.
Trustco Group Holdings Ltd is an investment entity headquartered in Windhoek, which manages a diverse portfolio of investments spanning the insurance, real estate, commercial banking, micro-finance, education, and mining sectors
