.gif "Cash Connect")
Oryx acquires Gustav Voigts Centre, Namibia
FMCG SUPPLIER NEWS
Economist.com.na - Aug 7th, 09:37
Oryx properties, the NSX listed property investment company, has added the Gustav Voigts Centre to its portfolio after acquiring Growthpoint’s 100% shareholding in Tuinweg Property Investments.
Oryx recently advised unit holders that it has signed an acquisition agreement with Growthpoint. As part of the agreement, Oryx will acquire the entire shareholding of Growthpoint in Tuinweg for N$220 million subject to various suspensive conditions being met.
Tuinweg is the owner of the Gustav Voigts Centre which consist of 13,200m2 retail and 11,625m2 hotel space. The hotel space is currently let to the Kalahari Sands Hotel and Casino on a long term lease which expires on 30 June 2019. The retail space is anchored by Shoprite Checkers and Wecke and Voigts together with Queens Park. Other major tenants include OK Furniture, Cash Converters, Mr Price and Standard Bank.
The estimated yield of the property is expected to be 12% and will initially be funded by 100% debt. Oryx, which also owns Maerua Mall, among other properties in Namibia and South Africa, said it has already received proposals and commitments from various financial institutions to fund the acquisition.
The company added that the acquisition of the property is of strategic importance due to the location near the CBD where extensive development is taking place.
The acquisition is subject to the unconditional approval of the transaction by the Competition Commission, among other conditions
Related News
Competition Commission approves Gustav Voigts Centre deal, Oryx Properties, Growthpoint, Namibia
09/10/2013 - 08:47
The Namibian Competition Commission has given its blessings to the deal in which Oryx Properties was seeking permission to acquire the Gustav Voigts Centre from Growthpoint Properties.
Agra builds N$100m branch in Windhoek’s Lafrenz
06/09/2013 - 12:39
Agra has started constructing a new retail branch in Windhoek’s Lafrenz industrial area at a cost of N$100 million, the company said.
Oryx yields more money for investors
06/09/2013 - 12:37
Oryx Properties, the Namibia Stock Exchange listed property investment company, declared a distribution of 72, 25 cents per linked unit for the six months to 30 June 2013, the company said on Friday. This is a 9,1% improvement over the 66,25 cents per unit declared for the comparative period. The total distribution to unit holders for the year amounts to 139,50 cents per unit, a nine percent increase over the 2012 financial year.
Growthpoint beats its own forecasts
30/08/2013 - 08:01
Cape Town - Growthpoint Properties [JSE:GRT] outperformed its own forecasts after reporting distribution growth of 7.2% for the year ended June 2013.
New R220-million Elim Mall opens in Limpopo
03/04/2013 - 08:57
Elim Mall became the latest shopping mall to open in Limpopo province, on March 28 2013, bringing Elim consumers a new generation premium-grade retail experience.
