JSE-listed Ambit Properties’ cross-border investment in Oryx Properties Ltd, Nambia, is bearing fruit.  Oryx delivered a half-year distribution of 34cpu to its year-end in June, a result which was in line with Ambit’s expectations when it acquired its 28.87% stake in February this year.

Underlining the performance is the support by Oryx unit holders and the subsequent approval by the board, of a proposed N$179m (R179m), 19 000 square metre extension to the company’s Maerua Mall Shopping Centre in Windhoek. 

This was as a result of robust demand for trading space from South African retailers and their franchisers. The proposed space was 62% pre-let before the development agreement was signed with Stratford Ventures (Namibia).

The extensions are due for completion in March 2006, and will increase retail space in the Centre to 36 000 square metres. This will entrench the Maerua Mall as the premier shopping destination in Windhoek.  Funding of the development will be raised by the disposal of part of Oryx’s portfolio of South African listed stock and by debt. Oryx’s debt to asset ratio will increase to 47%.

At the time of Ambit’s listing, its stake in Oryx represented 11% of total assets.  Ambit has recently acquired an industrial complex at 12 Nourse Avenue in Epping, Cape Town, for R11 800 000, at a yield of 13.5%.

Ambit’s first year-end was September 30th 2004 and it will be reporting its results for the eight-month period around November 22nd 2004.