Old Mutual Alternative Investments Namibia distributed N$21.6m from the Tunga Real Estate Fund to GIPF, taking lifetime payouts to N$265.4m.
Old Mutual Alternative Investments Namibia has made a new capital distribution from the Tunga Real Estate Fund.
The Government Institutions Pension Fund, Namibia’s largest institutional investor, received N$21,663,932.40.
Old Mutual Alternative Investments Namibia announced a capital distribution last week from its flagship Tunga Real Estate Fund. The payout was made to the Government Institutions Pension Fund, known as GIPF.
GIPF received N$21,663,932.40, reflecting its 99% holding in the fund. The remaining 1% went to the Old Mutual Investment Group Namibia, which holds a mandatory co-investment stake.
The latest distribution brings total lifetime payouts to GIPF to N$265,430,680.24 since the fund was established in September 2011.
The Tunga Real Estate Fund invests in unlisted property assets, meaning buildings and developments that are not traded on a public stock exchange. The fund has a portfolio across towns including Windhoek, Arandis, Otjiwarongo, Grootfontein, Ondangwa, Oshakati, Oshikango, and Rundu.
It has made eight property investments so far, spanning shopping centres, office developments, and affordable housing. Two assets have been fully exited, Rehoboth Shopping Centre and the KwaNkhomo Housing Development in Kuisebmond, Walvis Bay.
The fund uses a mix of debt and equity, meaning it can lend money to projects and also take ownership stakes. Old Mutual said this structure has supported periodic repayments over time, and that a sizeable portion of the debt has already been repaid.
For Namibia’s pension system, the distribution is a tangible return of long-term savings into cash that can support pension obligations.
For the local property market, it shows how institutional capital can be deployed into housing and commercial developments, then gradually recycled through exits and debt repayments.
Old Mutual said the fund has supported socio-economic outcomes, including 296 houses built and 538 serviced erven, which are prepared plots with basic infrastructure for development.
The fund has drawn N$543 million from investors to date, returned over N$268 million, and the remaining portfolio is valued at N$462 million.
Primary Source: meteoblue
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