The Municipal Council of Windhoek has granted in-principle approval for Grow More Investments CC to lease 2 portions (7 and 8) of Farm 466 (Ramatex Textile Namibia) for the next 25 years.
Grow More Investments CC is a subsidiary of Rani Group International, which currently owns and operates 56 retail shops and eight 8 manufacturing outlets.
This approval was decided upon at an Ordinary Council Meeting held last week. According to the council update, Grow More Investments CC will lease portions of Farm 466 for logistics and manufacturing purposes.
The Ramatex buildings and land joined a long list of valuable economic assets that are not being utilised around the country, after it was abandoned by a Malaysian clothing manufacturer in 2008.
The two allocated portions measure approximately 41,258 m2 and 42,306 m2, respectively, and accommodate two existing warehouse structures, commonly known as the Tai-Wah Warehouses.
According to the municipality update, the lease will bring in a monthly rental of N$100,000.00 per portion, with an annual escalation aligned to the Namibia Inflation Rate (not exceeding 10%).
However, the council’s approval does not include the rental price.
Instead, the council resolved that the final rental amount be determined through negotiations between the two parties, with the agreed price to be submitted to the council for consideration upon conclusion of the negotiations.
According to information shared by the municipality, Grow More Investments CC employs an estimated 3,500 people nationwide.
The company aims to expand its workforce to approximately 10,000 employees.
The approval is thus expected to enable the company to continue its operations at the site, while contributing to job creation and local economic development.