Prime Time, the Botswana Stock Exchange (BSE) quoted company, leapt to challenge as it acquired two prime properties in Gaborone that are aimed at giving the capital city a face-lift.
The company overwhelmingly endorsed the idea acquiring the proposed Sebele Centre and the office complex in the Central Business District (CBD) from Time Projects.
Sebele┬á CentreÔÇöthe proposed shopping complex along the A 1– will cost P101 million and be anchored by Pick n’ Pay with other tenants including Pharma South, Pick n’ Pay Bottle Store, Debonaires and Milky Lane.
This centre will provide convenience shopping for the substantial customer base extending from Gaborone South and Western suburbs to Phakalane and Gaborone North as well as commuters to Mochudi and the impending development of Block 10 and Setlhoa Village.
The CBD plot is a prime site on the main arterial, PG Matante Drive, upon which an office and mixed use complex is planned along the lines of the Melrose Arch in Johannesburg.
The aim is to provide corporate tenants with state of the art accommodation in this location which is seeing substantial growth with the establishment of the High Court, the Industrial Court, Department of Public Prosecutions, BURS, BHC, The Square, Masa Towers, FNB and other major occupants.
The first building of three to be developed will cost P35 million.
Prime property is not an easy commodity to acquire in Botswana, thus the acquisition of these two properties can be seen as a substantial growth step for the company.
These two properties will add to Prime Time’s enviable portfolio of 16 properties which were largely developed by Time Projects.
The success of the IPO and the performance of Prime Time over its initial three-years of trading can largely be attributed to the relationships between Prime Time and Time Projects, which manages the asset base and the properties.
Whilst not a contractual obligation, it was always envisaged that Time Projects would provide Prime Time with a pipeline of investment properties. These are the first of what could be many to come.
The support seen here as well as at IPO can be viewed as a vote of confidence by the shareholders to this relationship and to their wish to see continued growth of this solid investment vehicle.
Its share price closed the week down 5 thebe to 175 thebe.