Windhoek, 15 Sept – Old Mutual Investment Group (Namibia) (Pty) Ltd continues to lead economic empowerment and investment in Namibia through the management of the Tunga Real Estate Fund.
The Tunga Real Estate Fund is an unlisted property fund capitalized by GIPF that aims to develop commercial and affordable housing. It provides funding to support Namibia’s socioeconomic development while also providing market-related returns to Namibian investors.
During the first quarter of 2022, the Tunga Real Estate Fund acquired the majority shares in MICC Properties (Namibia) from Vukile Property Fund Ltd.
Through the transaction, the Tunga Real Estate Fund gained exposure to five commercial properties in Namibia – 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango. These properties play an integral role in employment creation as well as commercial and infrastructure development in their respective regions.
This investment forms part of Old Mutual Namibia’s unlisted property strategy targeted at the deployment of institutional funds in residential and commercial property assets. This acquisition has equally enabled Old Mutual Namibia to lay the groundwork for eventual full ownership of these properties by Namibian investors.
“This investment serves as a great catalyst in accelerating economic growth and addressing Namibia’s most critical infrastructural needs, while still delivering commensurate returns for investors. We are proud to bring these assets back under Namibian ownership and look forward to managing them for the benefit of Namibian pension fund investors and the local economy,” said Lionel Kannemeyer, the Managing Director for the Old Mutual Investment Group Namibia.
The Tunga Real Estate Fund continues to highlight its importance with an investment portfolio in commercial properties that span across Arandis, Rehoboth, Grootfontein, Windhoek, Ondangwa, Oshakati and Oshikango. The Fund currently has housing projects ongoing in Otjiwarongo, Mariental and Rundu (Kaisosi) and recently exited an affordable housing investment in Walvis Bay (Kuisebmund).
About Old Mutual’s Alternative Investment function
Old Mutual’s Alternative Investment funds are managed by a team of dedicated investment professionals located in Namibia. The team manages a range of funds on behalf of the Old Mutual group and third-party institutional investors targeting private equity, unlisted property, and infrastructure investments.
