Turnstar Holdings, the local property giants said it will go ahead with the expansion of Game City mall and Mlimani City in Tanzania as the company announces better results for the year ended 31 January
The move to re-develop the Gaborone mall, first announced in February is to ensure that it remains the premier shopping centre in the city as more competitors have entered the space.
The Botswana Stock Exchange (BSE) quoted company also put smiles on
shareholders faces as it revealed its board has decided to make a
final distribution of 9.30 thebe.
The distribution is split as debenture interest of 7.866 thebe and 1.434 thebe dividend per share in respect of the six months ended 31 January 2014and it will be distributed to all registered unit holders with the company at close of business on 16th May 2014.
In a statement accompanying the results signed by group Chairman, Moses Lekaukau and Managing Director, Gulaam Abdoola, the re-development will expand spaces at the two shopping complexes that are top malls in the two markets.
“Game City will be expanded to include additional retail space including a fashion avenue, restaurant area including a food court, entertainment area and a parkade,” the company said.
“Mlimani City Tanzania will be expanded to include additional retail and commercial space including basement parking, additions to the Conference Centre and a Botanical Garden. The additional space is fully pre let,” it added.
The additional space at Game City is 80 percent pre let, according to the company.
Turnstar results showed lease revenues stood at P 223.1 million, which
was 16 percent better than P192.1 million reported on the prior year.
The group’s total comprehensive income of the year stood at P 333. 2 million–an improvement from P166.3 million on the corresponding
The group profit before fair valuation of investment property and tax
increased by 32.6 percent from P104 million (2013) to P138.4 million
and the company said the tax charge of P70.8 million comprises wholly
of a deferred tax charge calculated in accordance with IAS 12. M.
Mlimani contributed P94.9 million to the total group revenue—which
represents a 42.2 percent contribution. The investment property stood
at P739.9 million, which represents 43 percent of the total group
investment property of P1.72 billion.
“Turnstar’s objective is to build a quality portfolio of properties with strong contractual cash flows in order to achieve value
enhancement and sustainable growth in distributions to unit holders,” Abdoola said in February.
Construction on both projects should start mid-2014 and be completed
by the end of 2015. These projects will boost revenue by approximately