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VENTURES AFRICA – Namibia-based financial services firm, Trustco, on Thursday said it had acquired property developer, Elisenheim, for N$220 million ($20.1m).
JSE-listed Trustco said the acquisition was in keeping with the firm’s wish to back Namibia’s property development plans of expanding accommodation in the country.
This acquisition is also part of the company’s strategy of helping address the country’s housing shortage while increasing the group’s earnings capacity.
The operational date of the acquisition – which is subject to conditions – is December 1, last year.
Elisenheim is a registered property developer, consisting of a residential and commercial housing estate on about 1186 hectares of land in Namibia’s capital, Windhoek and other parts of the country.
Elisenheim had ended all contracts with service providers, Burmeister and Partners and INGPLAN Namibia and any of their affiliates on terms agreed to by Trustco before such termination.