Staff Writer
The Namibian Competition Commission (NaCC) has approved the acquisition of Grove Mall of Namibia Proprietary Limited by Gold View Investments Proprietary Limited without conditions.
The transaction involves the transfer of all shares in Grove Mall of Namibia to Gold View Investments.
Gold View Investments is owned by Namstead Limited, which is jointly controlled by Homestead Group Holdings Ltd and Rockrunner Real Estate Limited. T
The group invests in property, shares and securities outside Namibia, with operations in Switzerland, Mauritius, the British Virgin Islands and South Africa.
Grove Mall of Namibia is a local company that invests in property for rental income and long-term value. Its main asset is the Grove Mall in Windhoek’s Kleine Kuppe.
The commission classified the deal as a conglomerate merger, as the companies operate in different markets. It assessed the retail property market in the Khomas Region.
The commission said the transaction is unlikely to reduce competition or create a dominant position.
It also found no public interest concerns and approved the deal without conditions.
The mall was previously owned by Atterbury Property. It opened in 2014 at a cost of about N$1 billion.
The development involved Atterbury Property, Attacq Ltd, The Frontier Property Trust and Demushuwa Property Developer (Pty) Ltd.
