Botswana Stock Exchange listed property developer, PrimeTime Property Holdings has announced that they have raised P105 million from the capital markets to fund its Pilane Crossing Mall project.
On June 10th 2016, the property investment firm announced to the Botswana Stock Exchange that it issued two senior unsecured notes out of the P500 million domestic medium term note programme. “The BSE has granted the issuer a financial instrument listing and the notes will be listed on the BSE on the 28th June 2016,” read part of the statement.
According to PrimeTime, offers were received for P196 million and the total issuance amounted to P105 million for both the five year floating rate note and the eight year fixed rate note.
PrimeTime managing director, Sandy Kelly confirmed the development saying part of the notes will not only fund the development of the 7,500 square-metre Pilane Crossing Shopping Centre as well as other future projects. “Construction of the Pilane Crossing Mall is on programme and is due to open around 28 August, subject to resolution of the licensing issue with the Ministry of Investment, Trade and Industry,” he said.
Kelly indicated that apart from seeking growth avenues locally at the Gaborone Central Business District and Setlhoa Village near Gaborone’s Block 10 where they are planning new commercial and industrial developments, they are also looking beyond the borders for growth, especially in Zambia.
He stated that the issuance of notes under the programme will provide impetus for PrimeTime to continue its strategic goals to grow and diversify its portfolio in the interest of developing long-term shareholder wealth, while structuring debt to minimise its impact on distribution.
“It represents its intention to diversify its funding sources and become a regular issuer of medium to long term debt,” said Kelly.