Primetime Holdings said the value of its portfolio rose this year following a revaluation exercise as stated in the company’s audited financial results for the year ended August 2013.
The BSE listed property outfit revealed that together with the cost of new acquisitions and improvements this year, the total value of the company’s properties has increased by almost 8 percent from P505 million in 2012 to P544 million in 2013.
Still in 2012, the company’s financials show that its contractual lease revenue grew by 13 percent, a reflection of both new acquisitions and rental escalations on the company’s existing properties.
Its growth strategy continued with the first acquisition outside Botswana being a sale and leaseback of two properties with G4S in Zambia for P12.4 million at the end of 2012. These started contributing to income from 1 January 2013.
“We continue to evaluate additional acquisition opportunities in Zambia. Over P4 million was spent during the year on refurbishment to some of our existing properties, which has enabled us to maintain our quality tenant base”.
The refurbishment include new lifts at Barclays Plaza and Blue Jacket Square as well as an upgrade to the electricity supply at Nswazwi Mall in the city of Francistown while in Ghanzi the Spar shop and other areas of the Centre were also refurbished, resulting in a new 10 year lease.
Primetime Holdings directors further said that the external areas at South Ring Mall in Gaborone have been upgraded with Pick ‘n Pay signing a new 10 year lease in the Centre while further investment has also been made at Letshego Place with a new air conditioning system resulting in extended leases from the tenants.
Meanwhile a total distribution of 16.42 thebe per linked unit has been achieved for the year ÔÇô of which 5.60 thebe was paid out on 8 March 2013 (which covered profits for the 4 months to 31 December 2012) and 8.18 thebe was paid out on 30 August 2013 (which covered profits for the 6 months to 30 June 2013).
The company said that a final interest payment of 2.64 thebe for the year ended 31 August 2013 (which covers the profits for the 2 months to 31 August 2013) will be paid together with an interim payment for the year ended 31 August 2014, in March 2014.