Turnstar expands Game City again

Boitshepo Majube | Friday February 28, 2014 15:05

The company said the Year 2014 is earmarked for redevelopment and further expansion of Game City shopping centre. Abdoola has stated that “Game City will have an additional 8,500sqm of letable space which will comprise of a fashion avenue for brand savvy clients, a well-designed restaurant area with terrace sitting, a multi-function entertainment area and kids play area.

Abdoola said the restaurant area will be the destination of choice for fine dining, and will cater for nightlife with a safe and retro urban environment overlooking the panoramic Kgale hill.

“The new developments will include a multi-level, safe and secure parking space which will accommodate up to 400 cars,” he said adding that shoppers are in store for a wonderful surprise.

With assets valued over P1.4 billion, Turnstar Holdings is the most diversified property company on the Botswana Stock Exchange.

Abdoola said that, “some of the portfolio’s corporate highlights are that approx. 42% of group’s rental income is in US Dollars, limited exposure to the Botswana office sector and significant operating and structural potential for positive re-rating, relative to our peers”.

The company says there are also expansions marked for Mlimani City complex in Tanzania where contrary to the cautionary stance to office market here in Botswana, the Group has taken an aggressive stance to develop quality office accommodation of 5000sqm, due to high demand.

Mlimani City Mall will be extended to comprise of an additional 10,000sqm retail space with basement parking of approx. 300 car spaces.

It further states that there will also be expansions to the Mlimani Conference Centre and a Botanical Garden; the first of its kind in Dar es Salaam will be established. “Mlimani is fortunate to have access to a significant land bank to meet its tenancy demand,” it stated.

Abdoola said Turnstar’s objective is to build a quality portfolio of properties with strong contractual cashflows in order to achieve value enhancement and sustainable growth in distributions to unit holders.

Furthermore, Mr Abdoola said that the Groups strategy is to constantly be in pursuit of opportunities to enhance return on investment including expansion, acquisitions, or sale of existing properties as and when appropriate.

“We have many opportunities offered to us in other countries which we will consider, including diversification into the leisure and industrial sectors. The Mlimani City project has given Turnstar an excellent reputation in Africa,” he said.

Turnstar states that the construction on both projects in Botswana and Tanzania should start mid-2014 and be completed by the end of 2015. “These projects will boost revenue by approximately 25%,” it stated.