Dunes Mall in Walvis Bay is now in the Oryx Properties stable following a landmark deal of N$630 million, based on debt funding of N$500 million from RMB and the refinancing of an existing N$100 million loan.
This deal is a significant step in Oryx’s aspirations to grow its property portfolio from N$3 billion to N$4.5 billion by 2025 and to diversify its asset base. In part due to innovative debt structuring, RMB was able to secure the deal. This reduced the cost of the debt allowing a higher gearing, which in this case, is to the benefit of the client. RMB’s proposed deal structure resulted in pricing well below Oryx’s benchmark cost of debt.
Announcing the deal, RMB and Oryx said this transaction is testament to their deep commitment to help bring the economy to its full potential.
“The partners share a common conviction of the prosperous outlook of the country, driven by its potential to become the future energy hub of the African continent. The Dunes transaction allows ordinary Namibians to participate in the expected economic renaissance through ownership of NSX-listed shares of Oryx and RMB, through FirstRand Namibia Limited.
“Our ability to tailor bespoke solutions for large, complicated transactions was instrumental in the closing of this deal. RMB congratulates Oryx on the successful transaction. We look forward to deepening our funding partnership and collaborating on future opportunities,” said Steffen Müseler, Senior Deal Maker at RMB Namibia.
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