MEDIA RELEASE
13 NOVEMBER 2023
Oryx Properties partners with RMB on landmark acquisition of Dunes Mall
Oryx Properties (Oryx), the largest property fund in Namibia, has partnered with RMB for the acquisition of Dunes Mall in Walvis Bay, in a landmark 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 of 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 will considerably diversify their portfolio in relation to existing concentration. RMB was able to secure the deal thanks to innovative structuring, which significantly reduced the cost of the debt and allowed for higher gearing.
RMB’s proposed deal structure 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.
The partners share a common conviction of the prosperous outlook of the country, driven by its potential to become the future energy hub of the African continent. The Dunes transaction allows ordinary Namibians to participate in the expected economic renaissance through ownership of NSX-listed shares of Oryx and RMB (through FirstRand Namibia Limited).
“The transaction is testament to RMB and Oryx’s deep commitment to investing in the Namibian economy. RMB congratulates Oryx on the successful transaction, and we look forward to deepening our funding partnership and collaborating on future opportunities,” says Steffen Museler, Senior Deal Maker at RMB Namibia.
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