The new acquisitions are in line with UAG's vision of expanding the property portfolio of the company to N$500 million including 500 hotel rooms under its management by the end of 2009.

The three Windhoek purchases include the multi-storey Capital Centre and City Centre buildings in the central business area as well as the Independence Avenue building situated at the back of Shoprite on Independence Avenue.

"We believe there will be resurgence in the city centre, and the acquisition of these properties is in line with our vision and that of the Windhoek City Council to bring a new vibrancy back to town with a bigger demand than before for office, commercial and retail space in strategically positioned locations," said Brian Rubinstein, Chief Executive Officer of UAG.

According to UAG, Old Mutual sold the properties to realign its property strategy and to focus on the development of its new Mutual Tower development valued at N$250 million, which will consist of office and retail space.

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