Old Mutual finances 180unit KwaNkomo housing development

OldMutualInvestmentGroup(Namibia) (Pty) Ltd has confirmed the successful completion of the Tunga Real Estate Fund-financed 180-unit KwaNkomo housing project in Kuisebmund in the Erongo region.

The Fund, an unlisted property and housing project managed by Old Mutual Investment Group Namibia (Pty) Ltd, made available bridge financing to develop and construct the 180-apartment KwaNkomo Housing Development, targeting the affordable housing market in Kuisebmund, Walvis Bay.

The development will be operated by the multi-investor real-estate fund, managed by International Housing Solutions(Pty)Ltd,targetinginvestments in affordable housing opportunities in Namibia.

The apartments will be leased at affordable rates to residents of Kuisebmund, increasing the stock of quality affordable housing options for residents of the coastal town of Walvis Bay.

Lionel Kannemeyer, Old Mutual Investment Group Namibia managing director, stated that “through initiatives like this, we strive to ensure that we, as Fund managers, play the role of releasing funds into the affordable housing market all over in Namibia for a better future. Giving access to affordable housing is one of the pillars under the Harambe Prosperity Plan and Vision 2030, striving for a better tomorrow”.

Old Mutual’s Alternative Investment funds are managed by a team of dedicated investment professionals, located in Namibia.

The team manages a range of funds on behalf of the Old Mutual Group and third-party institutional investors targeting private equity, unlisted property and infrastructure investments.