Built for a Defined Mandate

Project Kalahari represents the Fund's most significant pipeline acquisition: a six-camp luxury safari circuit spanning northern Namibia's premier conservancy corridor. The circuit traverses some of the continent's most iconic and ecologically sensitive landscapes, encompassing desert-adapted wildlife populations and community conservancy partnerships.

Namibia's communal conservancy programme, encompassing 86 registered conservancies covering more than 17% of the country's land area and directly benefiting over 220,000 citizens, provides the structural foundation for this acquisition.^{53 57} Each camp in the circuit operates within or adjacent to a communal conservancy, securing operational rights through joint venture agreements that share revenue with host communities.^{56 59}

The circuit model is designed to capture the full itinerary spend of the ultra-high-yield North American traveller: the market segment spending USD 18,500 to USD 32,000 per person on eight-day safari itineraries.³ Rather than losing guests to competing operators between camps, the Namibian circuit retains the complete journey within the Nexcelia portfolio. Safari.wiki manages the end-to-end booking, cross-selling guests seamlessly from one camp to the next.

The circuit is also designed with the US market as the primary distribution target. The diversity of landscapes within a single country, from desert dunes to riverine wetlands, creates a compelling narrative for the American traveller seeking a comprehensive African safari experience within one visa regime and one currency zone.

Namibia investment environment. Namibia offers one of Sub-Saharan Africa's most stable investment jurisdictions. FDI inflows reached USD 2.61 billion in 2023.¹⁸ The Namibian Dollar's peg to the South African Rand provides currency predictability. Investment incentives include corporate tax reductions for priority sectors, duty-free importation of machinery and raw materials, and legal guarantees ensuring profit repatriation and protection against expropriation.¹⁹

Project Msasa is a new-build upscale hotel development in Bulawayo, Zimbabwe's second city and the gateway to the Matobo Hills, a UNESCO World Heritage Site renowned for its ancient granite formations, San rock art, and one of the highest concentrations of leopard and both black and white rhinoceros in Southern Africa. The project is under memorandum with a leading pan-African hospitality operator, whose identity will be announced on signature.

Bulawayo is underserved by quality upscale accommodation despite its proximity to world-class wildlife and cultural heritage sites. As Zimbabwe's tourist arrivals grow toward the government's 1.87 million target by 2026, the city's accommodation stock will face increasing demand pressure, particularly from the high-spending European source markets that favour cultural depth over resort-scale facilities.¹³

Zimbabwe's Tourism Development Zone incentives, including corporate tax exemptions and duty rebates on capital equipment for hotel construction, expansion, and renovation, materially improve new-build economics.^{11 14} Msasa is designed as the anchor point for multi-night itineraries combining Bulawayo's cultural heritage with safari experiences in the Matobo Hills, retaining guest spend within the Nexcelia ecosystem through Safari.wiki distribution.

Project Lagoon is a mixed-use resort development anchored by a natural lagoon feature on the outskirts of Lusaka, Zambia's capital. The project combines hospitality accommodation with complementary leisure and commercial facilities, targeting both the international leisure market and Lusaka's rapidly expanding domestic and corporate demand base.

Lusaka represents a diversification play within the Nexcelia portfolio. While the Fund's core thesis centres on conservation-linked safari real estate, the Lusaka project offers exposure to a different demand profile, urban-adjacent leisure and conference tourism, while maintaining the sustainability and community integration principles that define every Nexcelia acquisition.

The lagoon anchor provides a distinctive positioning in a market dominated by conventional city-centre business hotels. The resort model captures weekend leisure demand, wedding and events revenue, and corporate retreat bookings that complement rather than compete with the Fund's bush-safari assets.