WINDHOEK: South African property giant Growthpoint is planning on selling its shares in the Kalahari Sands Hotel and Casino building to an interested local property company.
Growthpoint owns the building in Independence Avenue which the Kalahari Sands Hotel is located in.
In an interview with Nampa on Wednesday, Growthpoint Executive Director Estienne de Klerk said the company’s decision to sell its shares to a local property company was prompted by the fact that it does not have local management for the building.
“We do not have local management to look after our property in Namibia. That is why we decided to sell the shares,” he said.
De Klerk spoke to Nampa on the sidelines of a one-day symposium on property organised by Capricorn Asset Management.
“We are considering retaining the investment, and to sell it for shares in another Namibian property company,” he said, adding that they will retain a minimum amount of shares such as 15 per cent.
De Klerk could not disclose exactly how many shares will be sold as the final division of shares depends on the results of the valuation of the building, which is currently being carried out.
He further stated that the company does not intend to invest in Namibia in the near future as the market is “too tight and difficult to penetrate”. He however indicated that they are continually watching the market for good quality investment opportunities in the country.
Growthpoint is the largest listed property company on the Johannesburg Stock Exchange with property assets valued at N.dollars 53,1 billion, including 100 per cent of Growthpoint Properties Australia and 50 per cent of the V&A Waterfront in Cape Town.
Its market capitalisation stood at N.dollars 40,1 billion on 30 June 2012 and its property portfolio comprises 403 properties in South Africa and 41 properties in Australia.