PrimeTime buys property in Zambia
Tuesday, May 10, 2016
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.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...