PrimeTime buys property in Zambia

Botswana Stock Exchange (BSE) listed firm, PrimeTime Property Holdings says it has purchased an office park in Lusaka, Zambia for $8,8 million (P90 million).

The 4,000 square metres property has been bought by PrimeTime Property Holdings (Zambia) Limited, a Zambian registered company and wholly owned subsidiary of PrimeTime Property Holdings Limited, from Rumpuns Trading Limited.

According to a statement issued yesterday, the property, purchased at $8.8 million (P92.96m), 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. PrimeTime managing director, Alfred Kelly said the transaction is part of the execution of PrimeTime’s strategy to continue growing the property portfolio in order to create long term value for linked unitholders, as the loan is paid down and its earning ability increases. He added that the property, with a market value of $10 million, has been purchased as an investment with “blue chip” tenants.

Editor's Comment
UDC should deliver on promises

President Duma Boko and his government must now hit the ground running to deliver on their promises and meet the high expectations of Batswana. The UDC has pledged to foster a deliberative democracy, where open dialogue and continuous conversations are encouraged. This approach will allow different viewpoints to be heard and strengthen the ideas that shape our nation. The introduction of the long-awaited Freedom of Information Act (FOIA) is a...

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