#JustIn: Oryx to embark on equity raise for Dunes Mall

Oryx Properties will embark on an equity raise for the acquisition of 100% of the shareholding in Dunes Mall in Walvis Bay, with the remaining balance being funded through debt.

Oryx, listed on the Local Index of the Namibian Stock Exchange (NSX), said indicative timelines for such equity raise will be shared once the acquisition agreement has been concluded. The agreement is in its finalisation stage, Oryx said in a statement on the NSX.

The Namibian Competition Commission (NaCC) last month unconditionally approved Oryx’s acquisition of the Dunes Mall.

The transaction and final purchase price remain subject to an equity raise and conditions to be met as agreed with the sellers, Oryx said.

Releasing its annual results in September last year, Oryx CEO Ben Jooste said the board approved the group's strategy for the next three years until 2025, with the aim to grow the total asset base inorganically to N$4.5 billion.

Management is excited about the new strategy and sees a lot of opportunity within the current market, Jooste added. In the short to medium term, management will focus on growing the fund geographically across Namibia, he said.

At the end of June last year, Oryx’s portfolio, including investment property held for sale, was independently valued at N$2.9 billion, up from N$2.8 billion in 2021.