Oryx Properties has partnered with RMB on the acquisition of Dunes Mall at Walvis Bay in a transaction worth N$630 million.
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.
The acquisition underpins Oryx’s revised strategic plan to expand its property portfolio from N$3 billion to N$4,5 billion by 2025.
In addition, it would considerably diversify the company’s portfolio in relation to existing concentration.
RMB was able to secure the deal thanks to innovative structuring, which significantly reduced the cost of debt and allowed for higher gearing – testament to its commitment to helping clients achieve their growth strategies.
RMB’s proposed deal structure has 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 (NSX).
RMB Namibia senior dealmaker Steffen Müseler says its ability to tailor bespoke solutions for large, complicated transactions was instrumental in closing the deal.
“RMB congratulates Oryx on the successful transaction.
We look forward to deepening our funding partnership and collaborating on future opportunities,” he says.
The Dunes transaction allows ordinary Namibians to participate in the “expected economic renaissance” through ownership of NSX-listed shares of Oryx and RMB, Müseler says.
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