Oryx finalises acquisition of Safari Investments Chamwe Kaira Oryx Properties Limited has officially acquired Safari Investments Namibia (Proprietary) Limited, following the fulfilment of all conditions in the sale agreement.  The transaction became effective on 30 June, with the transfer of shares completed on the same day. Safari Investments RSA Limited confirmed that all conditions precedent to the sale of 100% of the issued share capital and claims in Safari Investments Namibia had been met.  The sale agreement was first announced on 28 March. Oryx informed its unitholders that the acquisition was successfully concluded and that “caution is no longer required to be exercised when dealing in the company’s securities.” Safari Investments Namibia owns and manages the Platz am Meer Shopping Centre, a waterfront retail development in Swakopmund. Oryx said the acquisition forms part of a three-year growth strategy aimed at diversifying its Namibian portfolio and laying a strong foundation for future expansion.  The total value of the transaction was N$290 million and includes undeveloped land adjacent to the shopping centre. Oryx currently holds a portfolio of retail, office, industrial, and residential properties.  The company said it is committed to responsible investment, long-term value creation for shareholders, and contributing positively to the communities in which it operates. The company plans to enhance the shopping centre and develop more land.  Feasibility studies are underway for potential complementary projects, including hospitality services, residential and medical facilities, and an additional retail anchor tenant. Oryx said it delivered strong results in the first half of 2025, driven by positive rental reversions, a 63% improvement in commercial vacancies, and an average tenant collection rate of 101%.  The company said it remains on track to meet its 2025 corporate strategy targets. Looking ahead, Oryx expects growth in the Namibian property market, supported by a projected 4% expansion of the national economy in 2025.  The company said urban development and infrastructure projects continue to increase demand for residential and commercial property. “Our strategic investments in high-growth areas, growth momentum in line with its strategy and its commitment to sustainable building practices position us well to capitalise on these trends,” Oryx stated. The company said it anticipates robust growth opportunities in the sector despite compressed yields, given expected reductions in interest rates.

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Safari investments deal dependent on fulfilled conditions 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.

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Oryx Properties Limited continues funding students in finance fields Oryx Properties Limited continues funding students in finance fields NBC Online Tue, 06/10/2025 - 15:09

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Oryx gets the green light to buy Safari Investments 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.

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Oryx gets the green light to buy Safari Investments 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.

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GCR upgrades credit rating of Oryx Properties Julia Heita  Oryx Properties Limited has received an upgraded national scale credit rating from Global Credit Ratings (GCR), moving to BBB+(NA)/A2(NA) with a stable outlook. The new rating reflects the company’s financial position and growth strategy. Chief Executive Officer Ben Jooste welcomed the news, saying the upgrade confirms the company’s efforts in expanding its portfolio and maintaining solid financial controls. “This ratings upgrade reflects our successful expansion strategy, improved portfolio quality and sound financial management,” said Jooste. Jooste said Oryx Properties has grown its property portfolio to N$4.2 billion while maintaining conservative gearing and strengthening its performance metrics. “The vacancy rate has fallen to just 2.0%, with rental reversions improving to 9.1% in the first half of FY2025.” Oryx Properties increased the value of its property portfolio from N$2.8 billion in 2022 to N$4.2 billion by December 2024. The company also reported a 26.4% increase in operating income, reaching N$451.2 million.  It has kept its Loan-to-Value (LTV) ratio below 40% despite rapid growth.  The vacancy rate has dropped from 4.2% to 2.0%. Jooste said the improved credit rating has direct benefits for the company and its investors.  He added that lenders and investors often use credit ratings when making funding decisions. “For investors, the upgrade signifies enhanced stability and financial management, making Oryx a more attractive investment option. The improved rating will also benefit the company’s corporate bond issuances, potentially securing better pricing for unsecured debt listed on the stock exchange,” he said. He added that the GCR’s assessment improved the portfolio quality and the execution of the growth plans of Oryx Properties. He also said that the upgrade reflects Oryx Properties’ ability to manage its balance sheet while pursuing new opportunities in the Namibian market. “This achievement demonstrates our commitment to creating sustainable value for stakeholders while pursuing strategic growth in the Namibian property market,” said Jooste.

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Oryx Properties to acquire coastal shopping centre for N$290 million Oryx Properties has announced its intention to acquire the Platz am Meer Shopping Centre at Swakopmund from South African firm Safari Investments for N$290 million. The transaction, which includes undeveloped land adjacent to the shopping centre, remains subject to approval by the Namibian Competition Commission. The acquisition, according to the Namibia Securities Exchange, listed that the property investment company is expected to yield an attractive return of 11%, equating to approximately N$31.9 million in net operating income. Safari Investments has committed to guaranteeing this return for the first 12 months as part of a transition period with combined management. “As a wholly owned Namibian company, we are excited to bring local expertise to this asset,” says Ben Jooste, chief executive of Oryx Properties. “We believe that with our Namibian market knowledge and understanding of local consumer needs, we can make a positive difference to the centre and further integrate it with the ever-growing local community.” The company says the acquisition of Platz am Meer does not compete with Dunes Mall, which Oryx purchased two years ago, but rather broadens its portfolio to cater to different market segments in Swakopmund. “What’s been interesting for us is the tremendous growth around the Platz am Meer node. The demand for housing in this part and the rest of Swakopmund, along with excellent progress by the council to expand and make Swakopmund more relevant, is remarkable,” Jooste says “The centre’s vacancy rate has reduced from around 16.6% in 2023 to below 2% currently. This acquisition acknowledges that Swakopmund now has multiple strong retail nodes serving different communities within the town.” Oryx Properties plans to enhance the shopping centre and utilise the additional land acquired in the transaction. The company says feasibility studies are currently underway to explore potential complementary developments, including hospitality services, residential properties, medical facilities and an additional retail anchor tenant. “We’re committed to elevating this mall and making it a sought-after destination at Swakopmund,” Jooste adds. “We plan to engage with the community to understand their needs and preferences, ensuring that future developments truly serve local residents and visitors alike,” he says. The post Oryx Properties to acquire coastal shopping centre for N$290 million appeared first on The Namibian.

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