Nedbank and Oryx sign quarter billion dollar deal

Home Business Nedbank and Oryx sign quarter billion dollar deal

WINDHOEK – Nedbank Namibia yesterday signed a N$250 million funding deal with Oryx Properties that ranks as the largest asset transaction ever recorded in the 40-year history of the bank.

The funding deal with Oryx Properties is structured in the form of a N$110 million revolving credit facility and a five-year term loan of N$140 million. “For us the Oryx Properties deal represents more than just a mega transaction in the context of business parameters in our country.

At its very core it embodies every aspect of Deep Green Aspirations. It showcases a humbling commitment from Nedbank across a multi-pronged functional spectrum to making ‘Building Namibia’ happen,” said Nedbank’s Managing Director, Lionel Matthews.

“Oryx and Nedbank were able to negotiate a mutually beneficial agreement, whereby Nedbank entrenches itself as a preferred funder for Oryx for future ventures. Oryx raised funds to the value of N$250 million from Nedbank to not only fund this deal, but also to create liquidity for the company going forward,” explained Carel Fourie, Chief Financial Officer at Oryx Properties.

Oryx Properties is the only primary listed real estate company on the Namibia Stock Exchange and is 97 percent Namibian owned  either directly or through public pension funds.

During November this year Oryx acquired all the shares in Tuinweg Investment Properties, the owner of the Gustav Voigts Centre

By Edgar Brandt