Through the management of the Tunga Real Estate Fund, Old Mutual Investment Group Namibia (Pty) Ltd continues to spearhead economic empowerment and investment in Namibia. The Tunga Real Estate Fund is an unlisted property fund, capitalised by the GIPF, aimed at commercial and affordable housing development. It provides funding, which in turn supports socio-economic development in Namibia, whilst generating market-related returns for local investors.
During the first quarter of 2022, the Tunga Real Estate Fund acquired majority shares in MICC Properties (Namibia) from Vukile Property Fund Ltd. Through the transaction, the Tunga Real Estate Fund gained exposure to five commercial properties in Namibia – 269 Independence, Katutura Shopping Centre and retail centres in Ondangwa, Oshakati and Oshikango. These properties play an integral role in employment-creation as well as commercial and infrastructural development in their respective regions.
This investment forms part of Old Mutual Namibia’s unlisted property strategy, targeted at the deployment of institutional funds in residential and commercial property assets. This acquisition has equally enabled Old Mutual Namibia to lay the groundwork for an eventual full ownership of these properties by Namibian investors.
“This investment serves as a great catalyst in accelerating economic growth and addressing Namibia’s most critical infrastructural needs, while still delivering commensurate returns for investors. We are proud to bring these assets back under Namibian ownership, and look forward to managing them for the benefit of Namibian pension fund investors and the local economy,” said Lionel Kannemeyer, managing director of the Old Mutual Investment Group Namibia.
The Tunga Real Estate Fund continues to highlight its importance with an investment portfolio in commercial properties that spans across Arandis, Rehoboth, Grootfontein, Windhoek, Ondangwa, Oshakati and Oshikango. The fund currently has housing projects ongoing in Otjiwarongo, Mariental and Rundu (Kaisosi), and recently exited an affordable housing investment in Walvis Bay (Kuisebmund).
Old Mutual’s Alternative Investment funds are managed by a locally-based team of dedicated investment professionals. The team manages a range of funds on behalf of the Old Mutual group and third-party institutional investors targeting private equity, unlisted property and infrastructure investments.