Old Mutual opens N$85 million shopping centre at Rehoboth

OLD Mutual on Friday opened the Rehoboth Shopping Centre at a cost of N$85 million.

Managing director of Old Mutual African Operations, Johannes !Gawaxab, said Old Mutual Namibia proactively launched an infrastructure development fund known as the Old Mutual Midina fund in 2004, which formed the cornerstone of its alternative investment portfolio and invested in excess of N$1 billion in education, healthcare, housing and municipal infrastructure.

“Our track record resulted in the GIPF awarding us additional infrastructure and real estate mandates to the tune of N$550 million,” he said.

!Gawaxab said Old Mutual is a key player in attracting Namibian institutional investor’s capital to be invested in infrastructure development projects in Rehoboth. The first investment was made through the construction of the Rehoboth Medical Centre in partnership with local doctors to the tune of N$10 million, seven years ago.

In 2013, the company opened the Kaap Agri facility combined with a fuel station to the value of N$5 million.

“The 10 000 square metres retail centre, which we are inaugurating today, is the single biggest investment in Rehoboth, with a construction value of N$85 million facilitated by the alternative investment boutique in Old Mutual and funded by the GIPF in terms of its unlisted investment policy. The Tunga Real Estate Fund has a N$350 million mandate from the GIPF to invest in retail centres in underdeveloped towns in Namibia,” he said.

!Gawaxab said as a result of the rapid migration of people from the rural areas to the main urban centres in the country, there is a substantial increase in the need for development in the key urban centres of Namibia.

“Meaningful partnership between local authorities, with their mandate for development, and private sector is required to meet the demand for infrastructure development in Namibia. In the past, Rehoboth residents had access mainly to food retail shops locally and had to travel to Windhoek for access to a convenient shopping experience,” he said.

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