Chamwe Kaira
Oryx Properties Limited, a company listed on the Namibia Stock Exchange, says its planned acquisition of Safari Investments Namibia (Proprietary) Limited is still subject to conditions agreed with the sellers.
Safari owns and manages the Platz am Meer Shopping Centre in Swakopmund.
Oryx announced in March that it had entered into a sale of shares and claims agreement with Safari Investments RSA Limited, a company listed on the Johannesburg Stock Exchange.
Under the deal, Oryx will acquire 100% of the issued share capital in Safari Investments Namibia and all related loan claims from the seller for N$290 million.
The acquisition is subject to approval by the Namibian Competition Commission.
It aligns with Oryx’s strategy to diversify geographically within Namibia, grow its asset base, and gain commercial value from the transaction.
Oryx confirmed that the transaction and purchase price remain conditional.
The company stated that it remains under cautionary measures, as was first announced in March and reiterated in May.
The effective date of the acquisition will be the first day of the month after all conditions are fulfilled or waived.
The N$290 million purchase price will be paid in cash on the effective date. An additional final payment may be made if Safari Namibia achieves a minimum net operating income yield of 11% during the 12 months after the effective date.
Oryx said it will fund the acquisition with debt and is finalising the terms.
The group’s loan-to-value ratio is expected to increase from 36.1% to 39.9%, excluding any fair value adjustments.
Oryx owns commercial properties including Maerua Mall and Gustav Voigts Centre in Windhoek. It reports a retail vacancy rate of 5.91% and a residential vacancy rate of 11.19%.
The group’s property portfolio includes 28 retail, industrial, office, and residential properties.
It also holds offshore investments in the Tower Property Fund, a South African real estate investment trust, and owns 26% of TPF International Limited, which manages a Croatian property portfolio valued at €82.2 million.
