The Grove Mall in Windhoek is set to be sold to Gold View Investments Proprietary Limited following approval of the transaction by the Namibian Competition Commission.
The Commission cleared the deal without conditions, paving the way for Gold View Investments to acquire the entire shareholding in Grove Mall of Namibia Proprietary Limited, the entity that owns and operates the retail centre.
Gold View Investments is ultimately held by Namstead Limited, which is jointly controlled by Homestead Group Holdings Ltd and Rockrunner Real Estate Limited. The acquiring group focuses on property and financial investments across jurisdictions including Switzerland, Mauritius, the British Virgin Islands and South Africa.
The Commission classified the transaction as a conglomerate merger and found that it is unlikely to prevent or substantially lessen competition in the retail property market in the Khomas Region. It further noted that the deal does not raise public interest concerns.
The Grove Mall, located in the Hilltop mixed-use estate in Kleine Kuppe, is the largest shopping centre in Namibia, measuring about 52,000 square metres. The development was completed at a cost of approximately N$1 billion and generates income through long-term leases with retail tenants.
The property has been on the market as part of a disposal process led by Atterbury Property Holdings, a subsidiary of the JSE-listed Atterbury Group.
