ABSA Bank has granted Oryx Properties a N$430-million loan to redevelop Maerua Mall and to refinance some of the listed property fund's existing debt.
"Together, we created something great," Absa Namibia managing director Marius Alberts said on Wednesday night. "Something that will be of service to the Namibian nation for years to come, something that creates jobs in our community, and something that provides financial benefits to all of those who participate in the ownership of Oryx Properties through the Namibian Stock Exchange," Alberts said.
The Maerua project, which started last April and is scheduled to be completed in November, will create 3 050 square metres of new office space, 8 300 square metres of new retail space and 925 additional parking bays. In addition, the entire shopping centre and traffic flow around Maerua will be improved. Absa Namibia serves as a representative office of the South African financial services group, facilitating transactions for the company in Namibia.