Stimulus sells Joe's Beerhouse property
OGONE TLHAGE
Stimulus has finalised the disposal of a Windhoek property on which Joe's Beerhouse is situated in compliance with the regulations of the Namibia Financial Institutions Supervisory Authority (Namfisa).
Speaking to Namibian Sun about the transaction, Ashburton Investments CEO and Stimulus director Josephat Mwatotele said the property was always seen as a residual investment.
“We have always seen Joe's Beerhouse as a residual investment following the disposal of the Joe's Beerhouse restaurant business back in 2012. What we disposed of now through this transaction is the property-holding entity,” he said.
“As property investments are non-core to the Stimulus portfolio, we waited for the right time to dispose of this asset as communicated previously.”
Stimulus announced on the Namibian Stock Exchange (NSX) last week that it had disposed of 100% of its ordinary shares in the property.
Stimulus Investments Ltd is listed on the Local Index of the NSX where its preferential shares trade at N$121.29.
According to Mwatotele the transaction is aligned to the long-term investment and asset holding strategy of Stimulus.
Mwatotele had earlier explained the rationale behind the sale of the property, saying that it had to comply with regulations.
“The rationale of selling the Joe's Beerhouse property is that it is a non-core asset, and according to Namfisa, property is defined as one of the assets that private equity companies cannot invest in,” Mwatotele was quoted in Windhoek Observer.
Stimulus sold the popular eatery back to previous owners, Carel-Jean and Thomas Rechter, in 2012 while it continued to hold its investment in the property that houses the restaurant.
In a market update provided by Stimulus at the time, it said the restaurant business would be better managed by an owner management entity.
“Stimulus decided to sell because it believes Joe's will best be served as an owner management entity, given the high operational demands and daily attention to detail required in this type of operation,” it said.
The business was sold to the Rechter family as a going concern, but Stimulus retained 100% ownership of the property located in Windhoek's Eros residential area.
Stimulus has finalised the disposal of a Windhoek property on which Joe's Beerhouse is situated in compliance with the regulations of the Namibia Financial Institutions Supervisory Authority (Namfisa).
Speaking to Namibian Sun about the transaction, Ashburton Investments CEO and Stimulus director Josephat Mwatotele said the property was always seen as a residual investment.
“We have always seen Joe's Beerhouse as a residual investment following the disposal of the Joe's Beerhouse restaurant business back in 2012. What we disposed of now through this transaction is the property-holding entity,” he said.
“As property investments are non-core to the Stimulus portfolio, we waited for the right time to dispose of this asset as communicated previously.”
Stimulus announced on the Namibian Stock Exchange (NSX) last week that it had disposed of 100% of its ordinary shares in the property.
Stimulus Investments Ltd is listed on the Local Index of the NSX where its preferential shares trade at N$121.29.
According to Mwatotele the transaction is aligned to the long-term investment and asset holding strategy of Stimulus.
Mwatotele had earlier explained the rationale behind the sale of the property, saying that it had to comply with regulations.
“The rationale of selling the Joe's Beerhouse property is that it is a non-core asset, and according to Namfisa, property is defined as one of the assets that private equity companies cannot invest in,” Mwatotele was quoted in Windhoek Observer.
Stimulus sold the popular eatery back to previous owners, Carel-Jean and Thomas Rechter, in 2012 while it continued to hold its investment in the property that houses the restaurant.
In a market update provided by Stimulus at the time, it said the restaurant business would be better managed by an owner management entity.
“Stimulus decided to sell because it believes Joe's will best be served as an owner management entity, given the high operational demands and daily attention to detail required in this type of operation,” it said.
The business was sold to the Rechter family as a going concern, but Stimulus retained 100% ownership of the property located in Windhoek's Eros residential area.
Comments
Namibian Sun
No comments have been left on this article