Global Credit Ratings (GCR) has upgraded Oryx Properties Limited’s national scale credit rating to BBB+(NA)/A2(NA) with a stable outlook, citing the company’s improved financial metrics and the successful execution of its growth strategy.
The upgrade reflects the Namibia Securities Exchange-listed company’s sustained performance and increased resilience in the local property market, with the value of its investment portfolio rising sharply from N$2.8 billion in 2022 to N$4.2 billion as of December 2024.
“This ratings upgrade reflects our successful expansion strategy, improved portfolio quality and sound financial management,” said Ben Jooste, CEO of Oryx Properties.
“We’ve grown our property portfolio to N$4.2 billion while maintaining conservative gearing and strengthening our performance metrics. The vacancy rate has fallen to just 2.0%, with rental reversions improving to 9.1% in the first half of FY2025.”
Jooste said the company had exceeded its operating income target with a 26.4% increase to N$451.2 million, while maintaining its loan-to-value (LTV) ratio below 40% despite ambitious growth.
At the same time, Oryx reduced its overall vacancy rate from 4.2% to 2.0%, underscoring the strength of its asset management and tenant retention strategies.
Jooste noted that the improved credit rating is likely to have tangible benefits for both the company and its stakeholders.
“External funders and investors use these ratings for internal credit assessments. A stronger rating indicates lower risk, potentially reducing our funding costs—a critical factor in the property sector,” he said.
He added that the upgrade would enhance the company’s investment appeal.
“For investors, the upgrade signifies enhanced stability and financial management, making Oryx a more attractive investment option. The improved rating will also benefit the company’s corporate bond issuances, potentially securing better pricing for unsecured debt listed on the stock exchange.”
GCR highlighted the improved quality and scale of Oryx’s property portfolio and the effective execution of its growth strategy in its assessment.
The agency noted that the upgrade validated the company’s operational and strategic direction.
“This achievement demonstrates our commitment to creating sustainable value for stakeholders while pursuing strategic growth in the Namibian property market,” Jooste said.
Oryx Properties is one of Namibia’s leading property investment firms, with a diverse portfolio spanning retail, office, industrial and residential assets.
