Property group SA Corporate Real Estate Fund (SAC) has bought a 25% stake in Oryx Properties, the second-biggest primary listing in the Namibian Stock Exchange, it said on 

Wednesday.

The acquisition would be funded by the issue of 43.1 million shares to vendors but SA Corporate did not did disclose the price offer.

The deal forms part of the strategy agreed on last in August to invest up 5% of the portfolio value in property assets elsewhere in Africa.

"The opportunity to invest in Oryx arose recently and matched these criteria perfectly. The deal, which will be earnings neutral for SA Corporate in year one, provides a platform for further expansion into Africa," said Craig Ewin, CEO of SA Corporate.

Oryx holds a N$727 million portfolio of 19 Namibian properties.