Oryx Properties is advancing plans to launch an unlisted property fund as part of a broader strategy to scale assets under management and diversify revenue streams.
Chief executive Ben Jooste says the company has secured a mandate to establish the fund, with the Government Institutions Pension Fund (GIPF) expected to serve as the anchor investor.
“Oryx has won a tender to create an unlisted fund for GIPF, where GIPF is the main investor, and we are now starting to gain traction with this fund,” Jooste tells The Brief.
The structure is designed to address constraints in Namibia’s unlisted property market, particularly around liquidity and exit options for institutional investors.
“What we are proposing is to build the fund with a pathway to exit into the listed platform,” Jooste says.
The model creates a pipeline between unlisted and listed assets, allowing Oryx to recycle capital while supporting the expansion of its listed balance sheet.
From a capital allocation perspective, the strategy is expected to enhance long-term asset growth, with Jooste indicating a target to build the listed platform into a mid-cap fund valued at between N$8 billion and N$10 billion.
The proposed vehicle could become one of the largest unlisted property funds in Namibia, positioning Oryx to attract additional institutional capital while deepening the domestic property investment market.
In addition to asset growth, the structure is expected to generate fee-based income through property management and development services provided by the listed entity.
“This allows us to build what could become the largest unlisted property fund in Namibia, while the listed entity provides property management and development services, generating additional fee income,” Jooste says.
Oryx is a property fund listed on the Namibia Securities Exchange, with a real estate portfolio comprising 28 retail, industrial, office and residential properties.
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