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.