PrimeTime robust 

SHARE   |   Sunday, 30 November 2014   |   By Kabelo Adamson
Prime Plaza, CBD Prime Plaza, CBD RICARDO KANONO

Despite the oversupply of office space particularly at the new CBD, public-listed variable rate loan stock companies appear not to feel the heat as the supply is said to be met by high demand of space mainly in the retail sector.

This, as a result, propels profits to swell as shown in the companies financial results which according to the directors of this various companies, are pleasing in spite of the challenging economic conditions.

There are about five rates loan stock companies listed on the Botswana Stock Exchange (BSE) with major investment and others on the pipeline mostly at the new CBD where demand for space is reportedly at all-time high.

This is because tenants are showing much interest in locating to the area due to its primacy.

Earlier this week, PrimeTime Property Holdings Limited released its summarised financial results for the year ended 31 August 2014 in which the directors highlighted that the completion of Prime Plaza, another of its investment at the CBD, on time and within the budget - hence was the contributory factor for growth this year.

A joint statement issued by Petronella Matumo and Alexander Kelly, chairman and Managing Director respectively, states that following the completion of Prime Plaza, the company will now look for other investment opportunities in the capital city and elsewhere. 

The completion of various projects that PrimeTime undertook influenced the growth in its investment property value which increased by 35 percent to arrive at P732 million compared to P544 million recorded last year.

The company now owns three buildings in Prime Plaza being CEDA house, Marula house as well as the newly completed Barclays house.

“This premium location has attracted an equal calibre of tenants with Cresta, Stockbroker Botswana, SA Express and GIZ already in situ at Marula house,” directors said.

As a matching strategy to growth, PrimeTime has committed to its planned major refurbishment schedule in 2014, spending P1.8 million during the year under review alone on various projects.

The strategy has in addition to the growth in portfolio value, furthermore resulted in a huge improvement to the company’s signed lease profile with long time signed leases - those with more than four years remaining at the year end said to be accounting for 53 percent of signed lease value as compared to just 29 percent in the previous year, 2013.

“The quality tenant base will stand the company in very good stead in the medium to longer term, supporting the underlying market values of its properties,” the company says.

Following the revaluation of the property portfolio, including new acquisitions, the value increased by P39 million and the directors believe that these values are reflective of the current market and as such are reliable.

New acquisitions and improvements are the major factors that the company says contributed to the 35 percent growth it cited.


PrimeTime directors are confident the company’s future is bright and as such investors can look forward to exciting times.

“Whilst we believe that the retail space in Gaborone and other major towns in Botswana is saturated, opportunities do exist in outlying areas for retail space,” the company claimed.


Beyond the borders, the company is looking at the Zambian market among others.