Oryx Properties Limited to Invest N$300m in Tower International
March 5, 2018, 3:58pm
PSG Namibia has confirmed that Unit holders are informed that Oryx Properties Limited (“Oryx”) has signed an irrevocable undertaking with Tower Property Fund Limited (“Tower”), a Real Estate Investment Trust (REIT) to co-invest in its offshore properties.
Tower Property Fund Limited is also listed on the Johannesburg Stock Exchange with a market capitalisation of R2.5 billion and a property portfolio valued at R4.7 billion,
Tower owns a N$1.46 billion Croatian property portfolio (in existence since 2015) which it is in the process of ring-fencing through a separate offshore company to be named Tower International.
According to PSG, TIL would leverage Tower’s existing relationships in Croatia and surrounding countries to grow the group’s European exposure and income.
The intention is to list the company on the Stock Exchange of Mauritius and on the Johannesburg Stock Exchange in due course.
ORY will acquire shares in TIL for N$200million, and then subsequently subscribe for further shares in TIL for N$100million.