April 2026 · Private Equity Real Estate
CT Properties
Industrial Portfolio
Industrial Portfolio
4-property Swakopmund industrial portfolio anchored by Halliburton — acquired ahead of TotalEnergies Venus FID.
4
Properties
N$106M
Total Cost Basis
N$21.18M
Annual Rent
20%
Starting Yield
N$24.4M
KDD Equity Req.
Q4 2026
FID Target
Exclusivity Agreement — Executed
Introduction & Exclusivity Agreement signed · 90-day exclusivity from 16 April 2026 · KDD 50% / Namaquanum Investments Two CC 50%
01
Why Namibia. Why Now.
The Opportunity
Four supermajors — TotalEnergies, BP, Shell, and Chevron — are simultaneously committing capital to Namibia's Walvis Basin. TotalEnergies expects Final Investment Decision on the Venus discovery in Q4 2026. When FID lands, the Swakopmund industrial corridor becomes the operational backbone of the largest new deepwater oil province in Africa.
This portfolio is already there. Four industrial properties in the Swakopmund corridor, anchored by Halliburton and Komatsu, generating N$21.18M in annual rent today. KDD's thesis: buy the infrastructure before the rush, at today's pricing, on a 20% entry yield. Exclusivity signed. Due diligence underway.
The Discovery
TotalEnergies' Venus discovery in Block 2913B (Orange Basin, PEL 56) is one of the most significant deepwater gas finds in Africa this decade. Estimated recoverable: ~3 billion boe. Revenue potential: up to €12B over 25 years at $75/bbl.
The Consortium
TotalEnergies — 35.25% (Operator)
QatarEnergy — 35.25%
Galp — 10%
NAMCOR — 10%
FID TARGET: Q4 2026
QatarEnergy — 35.25%
Galp — 10%
NAMCOR — 10%
FID TARGET: Q4 2026
The Infrastructure Bet
When FID lands, Walvis Bay and Swakopmund become the ONG supply chain hub for southern Africa. Every major service company needs industrial space, workshops, dangerous goods storage, and laydown yards. Demand will exceed supply. Landlords with existing Halliburton-occupied industrial property are primary beneficiaries.
The Window
- 2022: Halliburton occupies Erf 624 — first ONG mover
- 2023: Erf 3954 acquired, purpose-built for Halliburton
- Apr 2026: Petroleum Commissioner confirms Q4 FID
- July 2026: TotalEnergies FID targeted (tightened from Q4)
- 2027–28: Construction phase — peak industrial demand
- 2031: Target exit at peak institutional demand
TotalEnergies Deputy CFO · MarketScreener
"Venus will take Final Investment Decision mid-2026, with first oil around 2030."
Read source ↗
Petroleum Commissioner Maggy Shino · April 2026
"FDP formally submitted to Namibian government — the strongest signal yet that FID is imminent in 2026."
Basin Overview ↗
BP · April 13 2026 · Press Release
BP acquires 60% operating interest in three offshore Namibia blocks — PEL97, PEL99, PEL100 — in the Walvis Basin. Second supermajor independently entering in the same window as Venus FID.
Read source ↗
Shell · S&P Global · August 2025
Shell resumes exploration drilling in PEL 039 in 2026. Chevron active in PEL 82 with well planned for 2026/27. Four supermajors active or committing capital in Namibia's Walvis Basin.
Read source ↗
Chevron · NIEC 2026 · April 15 2026
Chevron country manager Beatrice Bienvenu announces new Orange Basin exploration well planned for Q4 2026. All four supermajors — TotalEnergies, BP, Shell, Chevron — now simultaneously active in Namibia.
Read source ↗
TotalEnergies SVP Africa · NIEC 2026 · April 15 2026
TotalEnergies briefed President Nandi-Ndaitwah directly on Venus FID progress. Mike Sangster confirms Venus targets 5,000 direct and indirect jobs. FDP approval is final gating item.
Read source ↗
Mining & Energy Namibia · April 2026 — 🆕 NEW
TotalEnergies targeting Venus FID as early as July 2026 — timeline tightened from Q4. Petroleum Commissioner confirms at NIEC. First oil targeted for 2029. Project expected to generate ~5,000 direct and indirect jobs.
Read source ↗
Andre Klynsmith / LinkedIn · April 30 2026 — 🆕 NEW
Namport confirms Farm 39 (1,330ha north of Walvis Bay) as anchor for N$60 billion North Port mega-project. Purpose-built energy, container and dry-bulk clusters. Back-of-port industrial land already reserved. "Operators that wait until terminal commissioning to engage will find the back-of-port warehousing market already locked in."
Read source ↗
African Energy Chamber · March 27 2026 — 🆕 NEW
"Namibia Moves to Close Logistics Gap Before First Oil." Namport has reserved land at Walvis Bay North Port for energy and industrial clusters serving the wider SADC region. Lüderitz N$4bn expansion targets commissioning by mid-2027 as dedicated O&G supply base, freeing Walvis Bay to scale for containers and back-of-port logistics.
Read source ↗
Ecofin Agency · April 2026 — 🆕 NEW
Terminal Investment Namibia (TIN) receives 6 new RTG cranes at Walvis Bay following $126.5 million terminal modernisation financing deal. Africa Global Logistics investing nearly N$800 million into terminal capacity. Walvis Bay container terminal capacity accelerating ahead of first oil.
Read source ↗
Baker Hughes CEO · Bloomberg · April 24 2026 — 🆕 NEW
Baker Hughes CEO Lorenzo Simonelli anticipates a rebound in upstream oil and gas investment in H2 2026 and into 2027 — directly corroborating sustained Halliburton and Baker Hughes commitment to Namibia supply base operations at Walvis Bay.
Read source ↗
KDD FID Conviction Score
89/100
Updated 2026-04-14 · Karpathy analytical loop · 18 source categories
0 — No FID100 — Confirmed
Signal Summary
✅ TotalEnergies targeting Venus FID July 2026 — timeline tightened (Apr 2026)
✅ TotalEnergies briefed President directly — FDP submitted
✅ Venus: 5,000 jobs confirmed by TotalEnergies SVP Africa
✅ Halliburton + Baker Hughes both operational at Walvis Bay
✅ Baker Hughes CEO: upstream investment rebound H2 2026–2027
✅ TotalEnergies board: Venus listed in 2026 objectives
✅ BP enters Walvis Basin — 60% operator, 3 blocks (Apr 2026)
✅ Chevron: new Orange Basin well Q4 2026 — 4 supermajors active
✅ Shell resuming PEL 039; port deepened to 16.5m
✅ Farm 39 North Port confirmed — N$60bn Namport programme live
✅ TIN: $126.5M terminal modernisation + 6 RTG cranes at Walvis Bay
✅ Lüderitz N$4bn expansion for O&G supply base — mid-2027 commissioning
✅ Walvis Bay bunkering hub emerging — ships avoiding Middle East
⚠️ No signed FID announcement yet
⚠️ Gas monetisation pathway unresolved
✅ TotalEnergies briefed President directly — FDP submitted
✅ Venus: 5,000 jobs confirmed by TotalEnergies SVP Africa
✅ Halliburton + Baker Hughes both operational at Walvis Bay
✅ Baker Hughes CEO: upstream investment rebound H2 2026–2027
✅ TotalEnergies board: Venus listed in 2026 objectives
✅ BP enters Walvis Basin — 60% operator, 3 blocks (Apr 2026)
✅ Chevron: new Orange Basin well Q4 2026 — 4 supermajors active
✅ Shell resuming PEL 039; port deepened to 16.5m
✅ Farm 39 North Port confirmed — N$60bn Namport programme live
✅ TIN: $126.5M terminal modernisation + 6 RTG cranes at Walvis Bay
✅ Lüderitz N$4bn expansion for O&G supply base — mid-2027 commissioning
✅ Walvis Bay bunkering hub emerging — ships avoiding Middle East
⚠️ No signed FID announcement yet
⚠️ Gas monetisation pathway unresolved
02Property Locations — Swakopmund Industrial
All four properties sit in the Swakopmund industrial corridor — 30km from the Walvis Bay deep-water port that will serve as the primary ONG logistics hub post-FID.
🌍
Interactive 3D Map — Google Earth
All 4 portfolio erfs plotted on satellite imagery — exact locations, street context, port proximity.
Open Earth ↗
🗺️
Interactive Map — Walvis Bay
Official Walvis Bay cadastral viewer — ERF boundaries, zoning and land use data.
Open Map ↗
✕
Portfolio Satellite Overview
🔴 Owned: Erf 624 · Erf 3954 · Erf 4418 🔵 Sub-lease: Erf 4891 Click to enlarge
Street-Level Views · Click to enlarge
ERF 624
OWNED
Nelson Mandela Ave · Mondesa Industrial
Primary tenant: Halliburton · CT Hydraulics · Komatsu
ERF 3954
OWNED
Einstein St · Swakopmund Industrial
Purpose-built 2023 · Primary tenant: Halliburton
ERF 4418
OWNED
Mandume Ya Ndemufayo St · Swakopmund
Comprising Erfs 623 & 627 · O&G operator tenant
ERF 4891
SUB-LEASE
12004 Edison St · Swakopmund Industrial
CT holds head-lease · Sub-leased to Komatsu
03Tenant Roster
Halliburton
NYSE: HAL
BBB+
Market Cap
~$28B
Properties
3 (Erfs 624, 3954, 4418)
Monthly Rent
N$1,547,100
Rent Share
87.7%
CT
CT Hydraulics
Private · Namibia
PRIVATE
Sector
O&G Services · Hydraulics
Properties
1 (Erf 624)
Monthly Rent
N$158,000
Rent Share
8.9%
Komatsu
TSE: 6301
A
Market Cap
~$18B
Properties
2 (Erfs 624, 4891)
Monthly Rent
N$60,000
Rent Share
3.4%
04Portfolio Summary — Rent Roll & Debt
~20%
Starting Yield on Cost
N$21.18M annual rent ÷ N$106M total cost basis = 20.0% gross initial yield — before any FID-driven rent escalation. This is the key return metric.
| Property | Owner | Tenant | Annual Rent | Total Cost | FNB Debt | KDD 50% Equity | Yield | Indep. Value |
|---|---|---|---|---|---|---|---|---|
| Erf 624 Freehold · 4,686 GLA · Lease exp 31/07/2027 |
CT Property Rentals | Halliburton · CT Hydraulics · Komatsu | N$5.22M | N$25M | N$9,230,238 | ~N$7.9M | 20.9% | N$38.5M |
| Erf 3954 Freehold · 2,262 GLA · Lease exp 31/10/2029 |
Namaquanum Investments Two CC | Halliburton | N$10.92M * | N$46M | N$26,779,995 | ~N$9.6M | 23.7% | N$35.6M |
| Erf 4418 Freehold · 3,537 GLA · 50% occupied · Lease exp 30/11/2030 |
Purple Birch Investments CC | Halliburton | N$4.32M | N$35M | N$21,105,000 | ~N$6.9M | 12.3% | Not provided |
| Erf 4891 Leasehold · Lease exp 31/10/2029 |
CT Property Rentals (head-lease) | Komatsu | N$720,000 | TBA | None | TBA | — | DD ongoing |
| TOTAL | Halliburton (primary) | N$21.18M/yr | N$106M | N$57,115,232 | ~N$24.4M | ~20% | N$74.1M (partial) |
* Erf 3954 rent includes capex repayment component above market; renewal terms not yet confirmed. KDD equity = (cost − debt) × 50%.
05The Assets — Detailed Property Cards
Erf 624
Swakopmund Industrial · Freehold
OwnedHalliburtonCT HydraulicsKomatsu
OwnerCT Property Rentals (Pty) Ltd
ZoningHeavy Industrial
Site area7,262 m²
GLA4,686 m²
Tenant 1Halliburton · N$277K/mo
Tenant 2CT Hydraulics · N$158K/mo
Tenant 3Komatsu · DD ongoing
Occupancy100%
Lease expiry31/07/2027
Title deedT4347/2022 ✓ On file
Transfer date07 Jul 2022
TransferorFirst National Bank of Namibia Ltd
Purchase priceN$13M
Capex investedN$12M
Total costN$25M
Cost / m² GLAN$5,335/m²
Monthly rentN$435,100
Annual rentN$5.22M
Entry yield20.9%
Independent valuationN$38.5M (Nov 2023)
FNB MACN$30.2M
Outstanding (07 Mar 2026)N$9,230,238
Original loanN$10,400,000
Rate10% (Prime −0.25%)
Term10yr · Sep 2022 → Aug 2032
Monthly paymentN$133,769
LenderFNB Namibia
EntityCT Property Rentals (Pty) Ltd
KDD 50% equity req.~N$7.9M
Title & Sale
Title Deed — T4347/2022
Debt
FNB Statement — Mar 2026
Amortisation Schedule
Valuations
Independent Valuation
FNB MAC Valuation
Erf 3954
Swakopmund Industrial · Freehold · Purpose-built 2023
OwnedHalliburton
OwnerNamaquanum Investments Two CC
ZoningGeneral Industrial
Site area5,489 m²
GLA2,262 m²
Primary tenantHalliburton (via CTP sublease)
Occupancy100%
Lease expiry31/10/2029
Monthly rentN$910,100
Sale agreementDeed of Sale ✓ On file
Sale date17 Nov 2023
SellersBrettschneider & Henle
StructureCC membership interest (100%)
Purchase priceN$11M
Capex investedN$35M
Total costN$46M
Cost / m² GLAN$20,336/m²
Monthly rentN$910,100 *
Annual rentN$10.92M
Entry yield23.7%
Independent valuationN$35.6M (Jun 2025)
FNB MACN$0 — NIL ⚠
Construction Loan
Outstanding (07 Mar 2026)N$19,279,635
Original loanN$25,300,000
Rate10.25%
Term5yr → Oct 2029
Monthly paymentN$532,000
LenderFNB Namibia
Property Loan
Outstanding (07 Mar 2026)N$7,500,360
Original loanN$8,500,000
Rate11.5%
Term5yr → Apr 2029
Monthly paymentN$120,165
LenderFNB Namibia
Summary
Total debt on Erf 3954N$26,779,995
⚠ Oct 2029 cliffBoth loans + lease renewal converge
EntityNamaquanum Investments Two CC
KDD 50% equity req.~N$9.6M
Erf 4418
Swakopmund Industrial · Freehold · Erfs 623 & 627
OwnedHalliburton
OwnerPurple Birch Investments CC
Erfs consolidatedErf 623 + Erf 627
ZoningDevelopment
Site area11,200 m²
GLA3,537 m²
Primary tenantHalliburton
Occupancy50%
Lease expiry30/11/2030
Monthly rentN$360,000
Title deedNot on file — DD ongoing ⚠
Purchase priceN$28M
Capex investedN$7M
Total costN$35M
Cost / m² GLAN$9,895/m²
Monthly rentN$360,000
Annual rentN$4.32M
Entry yield12.3%
Independent valuationNot provided
FNB MACN$28.1M (May 2025)
Outstanding (07 Mar 2026)N$21,105,000
Original loanN$21,105,000
Rate10%
Term10yr · Mar 2026 → Mar 2036
Monthly paymentN$278,904
LenderFNB Namibia
EntityPurple Birch Investments CC
⚠ Day-one loanStarted 01 Mar 2026 — zero repayments to date
KDD 50% equity req.~N$6.9M
Title & Sale
Title deed — DD ongoing, not yet on file
Debt
FNB Statement — Mar 2026
Amortisation Schedule
Valuations
FNB MAC Valuation
Erf 4891
Swakopmund Industrial · Leasehold — Sub-lease interest
Sub-LeaseKomatsu
Registered ownerTBA — DD ongoing
Interest typeHead-lease (sub-let)
Sub-tenantKomatsu
Occupancy100%
Lease expiry31/10/2029 · Leasehold
Freehold titleN/A — leasehold only
Monthly rentN$60,000
Annual rentN$720,000
Total costTBA
ValuationDD ongoing
DebtNone
Documentation pending — DD in progress.
06Investment Structure
Deal Parameters
Deal typeEquity acquisition — 3 entities
Entry timingJune 2026 (ahead of FID)
Hold period~5–7 years (TBC)
Headline entry priceN$106M
Total FNB debt (07 Mar 2026)N$57,115,232
Net equity (cost less debt)N$48,884,768
KDD 50% equity requirement~N$24.4M
Starting yield on cost~20%
Entry price / m² (GLA)N$10,110/m²
Transaction costsStructure TBD
Due Diligence Status
Financial modelIn progress
IRR / MoC / scenario analysisIn progress
L1 — Corporate structure✅ Complete
L2 — Debt analysis✅ Complete
L6 — Property analysisIn due diligence
L3 — Lease benchmarkingIn due diligence
SHA / LegalNot yet commenced
Land registry / compsIn progress — deeds office
07Open Diligence Items
HIGH
FNB NIL Valuation on Erf 3954
FNB assigned N$0 market value to the property generating N$910,100/month — 49.8% of portfolio income. Independent valuer assessed the same property at N$35.6M. Written explanation required before close.
HIGH
All Debt Is Retail Personal Loan Product
All N$57,115,232 across 4 FNB facilities is structured as retail personal loan products — not commercial property finance. Refinancing to institutional debt is required as a condition precedent.
HIGH
No Shareholders' Agreements
No pre-emption rights, tag/drag, reserved matters, or board rights on any entity. A comprehensive SHA across all entities is a non-negotiable condition precedent.
MED
October 2029 Double Cliff
N$26.8M of Namaquanum debt matures Oct/Apr 2029, coinciding with the Halliburton lease renewal on Erf 3954. Revenue risk and refinancing risk converge simultaneously.
LOW
Namibian Debt Market — Not Yet Diligenced
KDD has not yet assessed availability or pricing of institutional property finance in Namibia. Refinancing viability is a prerequisite for the transaction structure.
LOW
Erf 4418 and Erf 4891 — Limited Documentation
No title deeds, independent valuations, or acquisition history provided. These properties contribute N$5.8M of annual rent. Full documentation required before FID.
08People
KDD Capital
David Fine
Founder & CEO — KDD Capital
Principal of KDD Capital (Pty) Ltd, South African private equity and structured lending firm. Identified the Namibia industrial thesis in 2025 ahead of TotalEnergies FID, commissioned all due diligence, and is leading the acquisition process.
CT Properties — Sellers
Craig John Hearn
Operations Director · CT Hydraulics · Director · CT Property Rentals · Member · Namaquanum
Namibian national, Walvis Bay resident. Age 39 (DOB July 1986). Holds 33% CT Property Rentals, 20% CT Hydraulics, 50% Namaquanum. Primary contact and on-the-ground operator.
Michael Abbot
Managing Director · CT Hydraulics · Director · CT Property Rentals · Member · Namaquanum
South African national, Johannesburg. Age 51 (DOB September 1974). Holds 33% CT Property Rentals, 40% CT Hydraulics, 50% Namaquanum. Non-resident in Namibia.
Deal Brokers — Schwartz Global Namibia
David Swartz
Founding Partner — Schwartz Global Namibia
5-year relationship with David Fine as lawyer and advisor. Sourced the CT Properties opportunity for KDD. Intermediary between parties.
Annegret Musler
Deal Sourcer — Schwartz Global Namibia
Stellenbosch University, corporate finance and M&A background. Local Namibia knowledge asset. Introduced the opportunity in October 2025.
09Due Diligence Progress
✓
L1 — Corporate structure (4 entities, all UBOs, director history)
✓
L2 — Debt analysis (N$57.1M · 4 FNB facilities · amortisation schedules)
✓
AFS review — CT Property Rentals (May 2025) + Namaquanum (Nov 2024)
✓
Lease documentation — Halliburton original + 4 addenda; Erf 3954 interco lease
→
L6 — Property asset analysis (Erf 624 + 3954 complete; Erf 4418 + 4891 in DD)
→
Financial model — in progress (IRR, MoC, DSCR, scenario analysis)
→
Land registry — 10-year transaction history; deeds office in process
○
Namibian debt market assessment
○
FNB valuation explanation — Erf 3954 N$0 MAC
○
Site visit — Swakopmund (April/May 2026)
○
SHA negotiation — all entities
○
Debt refinancing — replace retail personal loan structure
○
Final investment decision
10Why This Matters — Macro Context
David Friedberg — Energy Independence & the Fertilizer Crisis
"You need to be in control of your own energy infrastructure and energy independence — because stuff happens in the world."
The Iran conflict has choked the Strait of Hormuz, through which 35% of the world's nitrogen fertilizer passes. China has halted exports simultaneously. The era of cheap, stable Middle Eastern hydrocarbons as a global given is over.
Why this matters for Venus FID: TotalEnergies Venus is an African deepwater gas field — not Middle Eastern. It gives the global market a new, politically stable, geographically diversified source. Every dollar invested in non-Middle Eastern energy infrastructure becomes more valuable the more the Strait of Hormuz is weaponised.