Safland nears sale of Gwashamba, Otjiwarongo Malls
Mature investments
The company will not entirely exit its investments in the two properties, and is considering placing a part of the equity in a fund.
Safland is finalising the sale of Gwashamba Mall and Otjiwarongo Town Square, concluding a nearly two-year divestment process.
Safland initially announced the planned exit from the two properties in 2023, and said it reached the end of its investment horizon in the properties.
In addition to the retail properties earmarked for sale, Safland co-founder Kalie Van Der Merwe added that the Pepcor distribution centre, located at Brakwater on the outskirts of Windhoek would also be placed on the market for consideration.
“The time horizon is sort of now. There's another two years left in terms of the agreement, but we are actively working on a number of exit opportunities, and then we are also involved with quite a number of new developments of which we might put into one basket,” Van Der Merwe told Market Watch.
Safland would however not entirely divest from the properties, with Van Der Merwe stressing that thought had been given with regards to placing the properties in a fund to ensure the company’s future involvement.
“We have a number of parties interested in taking over the developments, but it is important for Safland to have the properties placed in a fund where we will continue with our involvement going forward, and that is the discussion that's ongoing at this stage,” he said.
Looking ahead, Safland was keen to develop retail properties in other areas.
“We are involved with development in Lüderitz, Oshakati, Katima Mulilo, Eenhana and Nkurenkuru,” Van Der Merwe said.
Founded in 1992 in South Africa by Kallie van der Merwe and Mirinda van der Merwe, Safland has completed 11 property developments with a value of approximately N$3 billion since it relocated to Namibia in 2011.
Safland is noted for developing the Grove Mall and The Dunes Mall together with Johannesburg Stock Exchange (JSE) listed entity, Atterbury.
Safland initially announced the planned exit from the two properties in 2023, and said it reached the end of its investment horizon in the properties.
In addition to the retail properties earmarked for sale, Safland co-founder Kalie Van Der Merwe added that the Pepcor distribution centre, located at Brakwater on the outskirts of Windhoek would also be placed on the market for consideration.
“The time horizon is sort of now. There's another two years left in terms of the agreement, but we are actively working on a number of exit opportunities, and then we are also involved with quite a number of new developments of which we might put into one basket,” Van Der Merwe told Market Watch.
Safland would however not entirely divest from the properties, with Van Der Merwe stressing that thought had been given with regards to placing the properties in a fund to ensure the company’s future involvement.
“We have a number of parties interested in taking over the developments, but it is important for Safland to have the properties placed in a fund where we will continue with our involvement going forward, and that is the discussion that's ongoing at this stage,” he said.
Looking ahead, Safland was keen to develop retail properties in other areas.
“We are involved with development in Lüderitz, Oshakati, Katima Mulilo, Eenhana and Nkurenkuru,” Van Der Merwe said.
Founded in 1992 in South Africa by Kallie van der Merwe and Mirinda van der Merwe, Safland has completed 11 property developments with a value of approximately N$3 billion since it relocated to Namibia in 2011.
Safland is noted for developing the Grove Mall and The Dunes Mall together with Johannesburg Stock Exchange (JSE) listed entity, Atterbury.
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