Oryx Properties to acquire Platz am Meer
Oryx Properties, has announced the intended acquisition of Platz am Meer Shopping Centre in Swakopmund from South African company Safari Investments for N$290 million. Thetransaction, which includes additional undeveloped land adjacent to the shopping centre, is subject to Competition Commission approval.
The acquisition represents an attractive 11% yield (approximately N$31.9 million net operating income) with Safari Investments guaranteeing this return for the first 12 months during a transition period of combined management.
"As a wholly owned Namibian company, we are excited to bring local expertise to this asset," said Ben Jooste, CEO 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 to further integrate it with the ever-growing local community."
The acquisition of Platz am Meer does not compete with Dunes Mall, which Oryx purchased two years ago but rather expands the company's offering 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 and excellent progress by the council to intentionally expand and make Swakopmund more relevant is remarkable. The centre's vacancy rate has reduced from around 16.6% in 2023 to below 2% currently." Jooste noted.
"This acquisition acknowledges that Swakopmund now has multiple strong retail nodes serving different communities within the town." Oryx Properties has plans to enhance the shopping centre and develop the additional land acquired as part of the transaction. The company is conducting feasibility studies for potential complimentary developments such as hospitality services, residential, medical facilities and an additional retail anchor tenant. "We're committed to elevate this mall and make it a sought- after destination in Swakopmund," said Jooste. "We plan to engage with the community to understand their needs and preferences, ensuring that future developments truly serve local residents and visitors alike."