The Brief is an online news portal and going source with a focus on the Namibian business sector, current affairs, companies and financial markets.
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October 03, 2023
Property (134)
In a bid to uphold the integrity of the Real Estate industry in Namibia, the Estate Agents Board takes center stage as a pivotal statutory body, established under the Estate Agents Act 112 of 1976.
The City of Windhoek is planning two townships as it seeks to alleviate overcrowding and poor housing conditions in informal settlements, an official has revealed.
In the world of property transactions, the term "estate agent" holds specific legal significance as defined by the Estate Agents Act 112 of 1976. This act classifies estate agents into five distinct categories:
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.
With a lot of DIY (do-it-yourself) or self-manage property sale options available nowadays, an increasing number of sellers are questioning the necessity of Estate Agents.
Oryx Properties has raised N$312.7 million from its recent rights issue, representing an 82.4% subscription rate.
The property firm's initial goal was to raise N$379.6 million, which would have been a 60% top-up to be used towards the N$632.7 million purchase price of the Dunes Mall in Walvis Bay.
"Given the current market conditions, a mixture of institutional and retail investors in the unitholder base, and the ambitious size of the capital raise, Oryx management is excited by the positive response with an 82.4% take-up of the allocated Rights Issue Units. This clearly demonstrates the commitment and buy-in from shareholders to the company's strategy," the Namibian Stock Exchange-listed company said.
Oryx will utilize a portion of a new RMB facility amounting to N$500 million to cover the mall purchase price while also repaying an existing N$100-million loan facility with the investment bank and a N$75-million Nedbank loan, both of which mature in August 2023.
The acquisition of Dunes Mall comes after the Namibian Competition Commission (NaCC) granted unconditional approval for Oryx Properties to proceed with the purchase.
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 and as part of its Strategy 2025, the company aims to grow the property portfolio to N$4.5 billion geographically within Namibia.
The Government Institutions Pension Fund (GIPF) says the current building requirements by local authorities are making the delivery of low-cost housing in Namibia challenging.
The Minister of Urban and Rural Development, Erastus Uutoni, has handed over 108 houses under the Government-funded Mass Housing Development Programme in Swakopmund.
Purchasing property entails the aspiration of becoming its rightful owner. The Deeds Registries Act 47 of 1937 governs the transfer of ownership in immovable property.
The City of Windhoek has approved 915 building plans worth N$709.2 million during the first half of 2023, which is 19.7% lower than the number of approvals over the same period last year, and 6.1% lower in value terms.
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“I made a tremendous amount of money in real estate. I’ll take real estate over going to Wall Street and making 2.8%,” says Ivanka Trump. From globetrotting businesspeople, to potential first-time homeowners, property and all the factors around it remains an area of substantial interest.
The National Housing Enterprise (NHE) has revealed that its project to build 70 houses at Okahao is almost complete.
Broll Namibia says it is now sitting with a property portfolio of N$2.6 billion, 20 years after its formation.
The group’s portfolio includes Alexander Forbes House/Carl List Mall, Wernhil Shopping Centre, Town Square Building, Old Breweries Complex, Ruhr Street, Independence 77 Retail Section as well as Seagulls Mall in Walvis Bay and Pick ‘n Pay Swakopmund.
The company’s external properties under management include the recently opened Hilltop Village in Windhoek, B1 City and 51 on Lazarett.
Karen Keys, Managing Director at Broll Namibia, attributed the company’s success to its employees.
“Broll Namibia are the caring and passionate people who are proud of who we are and what we stand for. We realise the importance of teamwork and working together interdependently and strive to bring our best versions to work every day.
We thrive on customer satisfaction, delivering new realities and creating positive experiences for everyone that crosses our paths. We motivate a high-performance culture, putting our customers’ assets first and delivering on management strategies that will maximise property potential,” she said.
On the company’s outlook, Keys said “We aim to continue to develop a sustainable, innovative, and inspiring company and unlock further opportunities in our various service offerings which include property management, facility management, occupier services, leasing and broking services, sectional title management and development management. We have spent 20 years to build and entrench our brand in Namibia and will continue to stand out as a professional and innovative property services company in Namibia.”
Broll Namibia is a subsidiary of the Ohlthaver & List (O&L) Group.
Joint Ownership (also called co-ownership) exists where two or more persons jointly own the same property. Legally they own the property in undivided shares, meaning that no joint owner is the sole owner of any particular portion of the property: the joint owners, together, own the property as a whole.