Chamwe Kaira
Oryx Properties Limited has received approval from the Namibian Competition Commission to acquire 100% of Safari Investments Namibia (Proprietary) Limited. The approval, granted on 9 May, comes without any conditions.
Safari Investments Namibia owns and manages the Platz am Meer Shopping Centre, a waterfront mall in Swakopmund.
Oryx first issued cautionary announcements about the deal in March and May. The company said, “The transaction and purchase price remain contingent upon the fulfilment of conditions agreed upon with the sellers. Therefore, we advise unitholders to be cautious when trading their Oryx securities until we make another announcement.
The deal follows an earlier agreement between Oryx and Safari Investments RSA Limited, a company listed on the Johannesburg Stock Exchange. Under the agreement, Oryx will buy Safari Investments Namibia for N$290 million.
Oryx also said an agterskot, or final amount, could become payable if Safari Namibia reaches a net operating income target yield of 11% during the 12-month period after the acquisition takes effect.
The acquisition will be funded through debt. Oryx is finalising its funding terms. The group expects its loan-to-value ratio to increase from 36.1% to 39.9%, excluding any potential positive fair value adjustments in its portfolio.
Oryx’s property portfolio was valued at N$4.2 billion for the half year ending December 2024. This compares to N$2.8 billion at the end of June 2022, moving closer to its N$4.5 billion target for the 2025 financial year.
In 2024, Oryx also exceeded its operating income goal of N$450 million. Rental operating income rose by 26.4%, reaching N$451.2 million.
Oryx owns premium retail properties such as Maerua Mall and Gustav Voigts Centre in Windhoek. It maintains a commercial vacancy rate of 5.91% and a residential vacancy rate of 11.19%.
The group’s real estate portfolio includes 28 retail, industrial, office, and residential properties.
It also has offshore exposure through investments in the Tower Property Fund, a South African REIT, and a 26% stake in TPF International Limited, which holds a Croatian property portfolio valued at €82.2 million.
