GIPF invests N$20m into Beucorp Group’s housing development

February 08, 2022

The Government Institutions Pension Fund (GIPF) says it has invested over N$20 million in a housing development by Beucorp Group (Pty) Ltd, through its unlisted fund manager Koningstein Capital Investment Property Fund.

Beucorp has developed over 120 housing units in the price range of N$800 000 to N$1.5 million in Extension 3, Tamariskia, Swakopmund, of which the majority have thus far been bought.

“We are very proud to be a pioneer of this concept in Namibia and we are of the view that the impact of our investments in this area will be robust and sustainable. It should also be noted that even though our unlisted investment objectives are developmental in nature, the protection and growth of our assets remains top priority,” David Nuyoma, GIPF CEO and Principal Officer said.

“In line with Regulation 13 of the Pension Funds Act, pension funds are required to hold a minimum of 45% of their investments in Namibian assets with the maximum of 3.5% in unlisted investments. Through this legislation, pension funds are encouraged to invest in the domestic market and to ensure that Namibian savings are utilized to stimulate local development.”

He said GIPF had approved an Investment Policy for Unlisted Investments in 2008, with the overarching objective of making a meaningful contribution to the economy and development needs of communities by providing development capital to the non-listed sectors with high growth potential.

“These sectors include micro-financing, venture capital, development capital, buyout financing and property which falls outside of the unlisted investment categories. Within the spirit of this policy, the Fund adopted a broad-based view to socio-economic development through private equity, a relatively new investment concept to Namibia which could enhance our ability to capture significant performance while reaping diversification benefits,” Nuyoma said.

Established in 2009 by Mariette Beuthen, then the only female concrete technologist at that time, the Swakopmund construction project contributed towards the employment of over 70 individuals.

“GIPF consistently proved to be a pioneer in Namibia through the Fund’s investments, and we are proud to be uplifting women in what was seen as male dominated industries,” he said.

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Last modified on Wednesday, 09 February 2022 17:11

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