The Government Institutions Pension Fund (GIPF) has disinvested from the Grove Mall of Namibia, where it had invested close to N$100 million.
“From our 2010 Namibia property vintage, we had exposure to the Grove Mall through one of our funds that exited to a strategic buyer during June 2018, realising more than two times the money we invested,” GIPF Manager of Alternative Investments, Sara Mezui Engo, revealed to the Windhoek Observer.
South African property company, Atterbury, also confirmed that it recently took over the total shareholding in The Grove Mall of Namibia, its flagship development in Namibia.
Atterbury Deputy CEO, Armond Boshoff, said the mall is trading extremely well and when the opportunity presented itself; the company took the investment decision to acquire the asset outright.
“Attacq Limited decided to sell their 25 percent shareholding in The Grove Mall of Namibia and as we had pre-emptive rights, we exercised these. Earlier this year, our remaining partners (including the GIPF) indicated that they want to dispose of their shares in the asset, which we then also acquired.”
Atterbury also developed the Dunes Mall in Walvis Bay, in which it has a 54 percent ownership stake.
“The Grove Mall’s trading has exceeded our expectations and is one of the best performing shopping centres in our portfolio. We will in fact look to extract further value from the mall, with potential future expansion, and increase the enjoyment factor for all visitors,” Boshoff said.
He added that the Dunes Mall, which opened in late 2017, has also been trading satisfactorily.
“The final tenants have now opened their doors for trading and we expect this to have a positive impact on the general attractiveness of the centre as a meeting place in that specific coastal region of Namibia.”
The company plans to expand Dunes Mall by building premises for Game.
“Further expansion opportunities are also being considered. At this stage we are focusing our attention on managing the assets as efficiently as possible and on potential further development opportunities at The Grove and Dunes Mall.”