Oryx Properties, a wholly Namibian-owned property investment company, has announced its intention to acquire the Platz am Meer Shopping Centre in Swakopmund from South African company Safari Investments for N$290 million. The transaction, which includes additional undeveloped land adjacent to the shopping centre, is subject to approval by the Namibia Competition Commission.
The acquisition represents an attractive 11% yield (approximately N$31.9 million net operating income), with Safari Investments guaranteeing this return for the first 12 months during a transition period of combined management. Oryx Properties currently has a diverse portfolio of retail, office, industrial and residential properties. The company has stated it is committed to making responsible investments and creating long-term value for shareholders, while positively impacting the communities it serves.
“As a wholly-owned Namibian company, we are excited to bring local expertise to this asset,” said Ben Jooste, chief executive officer of Oryx Properties. “We believe that with our Namibian market knowledge and understanding of local consumer needs, we can make a positive difference to the centre, and to further integrate it with the ever-growing local community.”
According to a statement from Oryx, the acquisition of Platz am Meer does not compete with Dunes Mall, which Oryx purchased two years ago, but rather expands the company’s offering to different market segments in Swakopmund. “What’s been interesting for us is the tremendous growth around the Platz am Meer node. The demand for housing in this part and the rest of Swakopmund, and excellent progress by the council to intentionally expand and make Swakopmund more relevant, is remarkable.
The centre’s vacancy rate has reduced from around 16.6% in 2023 to below 2% currently,” Jooste noted. “This acquisition acknowledges that Swakopmund now has multiple strong retail nodes serving different communities within the town.”
Oryx Properties said it has plans to enhance the shopping centre and develop the additional land acquired as part of the transaction.
The company is conducting feasibility studies for potential complementary developments such as hospitality services, residential, medical facilities and an additional retail anchor tenant. “We’re committed to elevate this mall, and make it a sought-after destination in Swakopmund,” said Jooste. “We plan to engage with the community to understand their needs and preferences, ensuring that future developments truly serve local residents and visitors alike.”
Moreover, Oryx intends to actively seek feedback from the public, tenants and employees to ensure the continued success and growth of Platz am Meer as a key retail destination in Swakopmund.