Oryx Properties plans to expand its property portfolio from N$3bn to N$4.5bn by 2025. In addition, it will considerably diversify their portfolio in relation to existing concentration.
Oryx recently partnered with RMB Namibia on landmark acquisition of Dunes Mall acquisition of Dunes Mall in Walvis Bay, in a landmark transaction worth N$630 million.
Oryx Properties is the largest property fund in Namibia. This strategic deal sees Oryx expand its retail asset portfolio, with RMB providing debt funding of N$500 million to realise the acquisition and refinance an existing N$100 million loan.
RMB said was able to secure the deal thanks to innovative structuring, which significantly reduced the cost of the debt and allowed for higher gearing, testament to their commitment to helping clients achieve their growth strategies.
RMB’s proposed deal structure resulted in pricing well below Oryx’s benchmark cost of debt and thus
unlocked incremental shareholder value from the transaction.
“The well-structured facility and RMB’s strong brand name underpinning the deal enhanced investor confidence in Namibia and abroad, resulting in a highly successful equity raise of Oryx on the Namibian Stock Exchange,” RMB said.
The transaction is testament to RMB and Oryx’s deep commitment to investing in the Namibian economy to assist in realising its full potential.
RMB and Oryx said they share a common conviction of the prosperous outlook of the country, driven by its potential to become the future energy hub of the African continent. The Dunes transaction allows ordinary Namibians to participate in the expected economic renaissance through ownership of NSX-listed shares of Oryx and RMB, through FirstRand Namibia Limited.
“Our ability to tailor bespoke solutions for large, complicated transactions was instrumental in the closing of this deal. RMB congratulates Oryx on the successful transaction. We look forward to deepening ourfunding partnership and collaborating on future opportunities,” said Steffen Müseler, Senior Deal Maker at RMB Namibia.