Oryx Properties has acquired the Dunes Mall in Walvis Bay for N$648,8 million.
The acquisition, which is still subject to regulatory approval and a capital raise, adds to Oryx’s diverse property portfolio worth N$3 billion, including the Maerua Mall.
“The transaction and final purchase price are subject to certain conditions being met as agreed with the sellers, regulatory approval from the Namibian Competition Commission and the successful completion of a partial equity raise with the remainder being funded through debt.”
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.
The disposal of the Dunes Mall comes as Atterbury is reported to be in talks to sell the iconic Grove Mall of Namibia to Zimbabwean investors, mainly pension funds, keen to invest in the regional market to increase value for their stakeholders.
Stratus Capital Partners and Bard Santner Markets were reported to be brokering the N$1.8 billion deal.
