PrimeTime Property Holdings has announced that it has acquired an office park in Zambia for P92.96 million. In a press statement, the asset and property company stated that it bought the 4, 000 square metre property from Rumpuns Trading Limited through PrimeTime Property Holdings (Zambia) Limited, a Zambian registered company and wholly owned subsidiary of PrimeTime Property Holdings Limited.
According to PrimeTime managing director, Alfred Kelly, the latest acquisition is part of its ongoing drive to grow the company’s property portfolio and create long-term value for linked unitholders.
According to a statement from the Botswana Stock Exchange (BSE) listed firm, the recent acquisition is a tenanted, commercial office park that encompasses three separate buildings, namely Cavmont Bank, PwC and John Snow International, each leased to a single occupier. “The property is being funded by $5 million amortising loan from Barclays Bank Zambia Limited the balance from funding raised in Botswana,” said the company.
Kelly also said the new Lusaka property will diversify the geographical spread of PrimeTime. “Due to its location it will diversify the current geographical spread of PrimeTime’s properties. The impact of this transaction on the net assets of the group is estimated to be 7.11 thebe per linked unit and the impact on the net profits of the group in its first year of acquisition is estimated to be 0.8905 thebe per linked unit,” said the Managing Director.
According to Kelly, the P92.96 million value of the property came about as a result of a valuation carried out by independent valuers, Pam Golding Properties Zambia Limited.