Oryx Properties Acquires Dunes Mall in Partnership with RMB Namibia

Walvis Bay, Namibia – Oryx Properties has successfully acquired Dunes Mall in Walvis Bay, a significant transaction valued at N.dollars 630 million, in partnership with RMB Namibia. This move marks a strategic expansion in Oryx Properties’ portfolio.

According to Namibia Press Agency (NAMPA), RMB Namibia, in a media statement released on Monday, detailed its role in the transaction, providing a debt funding of N.dollars 500 million to facilitate the acquisition. This funding also includes the refinancing of an existing N.dollars 100 million loan. Steffen Mseler, Senior Deal Maker at RMB Namibia, highlighted the innovative structuring of the deal, which played a crucial role in securing it. The structuring effectively reduced the cost of the debt and allowed for higher gearing, demonstrating RMB’s commitment to assisting clients in their growth strategies.

Mseler emphasized that the proposed deal structure by RMB resulted in pricing below Oryx’s benchmark cost of debt, thereby unlocking additional shareholder value from the transaction. The well-structured facility, combined with RMB’s strong reputation, has bolstered investor confidence both in Namibia and internationally. This confidence was reflected in Oryx’s highly successful equity raise on the Namibian Stock Exchange.

The transaction not only signifies a major step for Oryx Properties but also underscores the commitment of both RMB and Oryx to investing in the Namibian economy. Mseler expressed RMB’s pride in their ability to tailor bespoke solutions for large, complex transactions, which was instrumental in closing the deal with Oryx. Looking forward, RMB anticipates further deepening its funding partnership with Oryx and collaborating on future opportunities.