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Title: TRUSTCO’S UPDATE ON INSURANCE, REAL ESTATE ACQUISITION
Windhoek, Khomas, Namibia, 14th Oct 2024 - Trustco Group Holdings Limited (Trustco) has announced updates to its planned purchase of additional shares in Legal Shield Holdings Limited (LSH). Originally announced on April 23, 2024, the transaction involves Trustco acquiring an extra 11.35% stake in LSH from Riskowitz Value Fund LP (RVF). This will increase Trustco's total ownership of LSH to 91.35%. The transaction, valued at NAD 468 million (USD 27 million), will be completed by issuing new Trustco shares to RVF. The transaction is expected to close by December 31, 2024.The acquisition includes valuable assets such as Trustco Insurance Limited, Trustco Life Limited, and a large real estate portfolio that includes developments such as Elisenheim Lifestyle Estate, Lafrenz Industrial Park and Herboths. This portfolio consists of 2,473 sellable hectares (6,112 acres) of prime land across Namibia. Since 2011, this real estate has generated more than NAD 934 million (USD 53 million) in cash.The extensive land bank offers the opportunity to develop more than 26,000 mixed-use plots. Over the past decade, the company has successfully serviced over 1,106 plots across its developments. With a development pipeline extending for the next 25 years, Trustco is well-positioned to address Namibia's severe shortage of serviced land for residential, commercial, and industrial use.Quinton Z van Rooyen, Deputy CEO of TrustcoQuinton Z van Rooyen, Deputy CEO of Trustco, commented on the transaction, stating: "This acquisition aligns well with our growth strategy and allows us to take advantage of expected capital growth, improved macroeconomic liquidity, and increased buyer demand in Namibia's real estate market. By expanding our property portfolio, we're set to benefit from the country's rec...
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