Maerua Mall – biggest investment of its nature

The extension of Maerua Mall officially opened its door to the public on Thursday this week after President Hifikepunye Pohamba gave his blessings on Wednesday night.
Before officially opening the extension, Pohamba toured the complex accompanied by the First Lady, Penexupifo Pohamba, and Charles Karuaisa, the chairman of the Namibian listed company, Oryx Properties, which developed Maerua Mall phase two.
The extension was undertaken at a cost of N$270 million, which Pohamba described as the biggest investment in the country of that nature..

President Hifikepunye Pohamba and the First Lady, Penexupifo Pohamba, touring the extension of Maerua Mall on Wednesday night. They are flanked by Barbara Kahatjipara (left), who was the director of ceremonies at the official opening of the extension, and the chairman of Oryx Properties, Charles Karuaisa (right).

Oryx Properties acquired the land leased by the City of Windhoek to Virgin Active for N$14 million. The wing was constructed on the ground which housed the Windhoek Municipality Swimming Pool. In exchange, the developer provided the City of Windhoek with a brand-new Olympic size swimming pool in Windhoek’s Olympia suburb. When it acquired the property, Oryx realised that the Virgin Active fitness centre fitted in well with the entertainment element of the Mall, as it complemented Ster Kinekor and the various restaurants and “it made sense for us to acquire this property”.

Virgin Active is one of the anchor tenants at the Mall and is well-known in Windhoek.
Oryx Properties is the first property company to be listed on the Namibia Stock Exchange, and according to Karuaisa, there has been little trading in the shares of Oryx Properties as the investors simply do not want to part with their shares. He said the company intends to issue further preferential shares in the near future. Oryx Properties was listed on the Namibian Stock Exchange in December 2002 and held a portfolio of 15 properties and JSE listed securities with a total value of N$320 million on 30 June 2004. The added wing of Maerua Mall, which comprises an additional floor space of 19300 square metres, brings the total floor space of the Mall to 40000. The additional wing, which was just inaugurated, was constructed by Stratford Property Ventures Namibia (Pty) Ltd.