Oryx Spends Most of ABSA Loan

ORYX Properties has used most of the N$330 million development loan facility it borrowed from Absa Bank to finance the Maerua Mall extension and upgrade, the firm says in financial results for the six months ended 31 December 2013.

The mall situated in Windhoek, is the country’s biggest shopping complex and the firm said N$239,5 million had already been utilised by 31 December.

The firm said the extension and refurbishment work at the mall is nearing completion.

“As at 31 December 2013 the project was approximately 86% complete with expected finalisation of construction works in April 2014,” the firm said.

Oryx reported a profit of N$75,9 million mainly as a result of a 237,6% higher change in the fair value of investment property of N$46,6 million compared to N$13,8 million and a bargain purchase gain stemming from acquisition of Tuinweg Properties, which is the owner of the Gustave Voigts Centre.

“Vacancies increased from 0,35% as at December 2012 to total 0,95% this time round. The increase in the vacancy rate was to be expected, and is in line with our forecast, as a result of the additional lettable area coming upstream following Maerua Mall construction and the Gustav Voigts acquisition.

“At the end of the interim period, Oryx investment properties were valued at N$1,89 billion, up from N$1,45 billion at the end December on account of acquisition, construction and revaluation. Retail contributed 62% to this valuation, Industrial 29% and offices nine percent,” said IJG Securities in a comment on the results.