Mmegi Online :: Letlole replaces NAP in Mahalapye mall deal
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Last Updated
Friday 22 June 2018, 06:00 am.
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Letlole replaces NAP in Mahalapye mall deal

Two months after the Competition Authority (CA) approved a deal for New African Properties (NAP) to buy the Watershed Piazza mall in Mahalapye, the transaction is back before the watchdog, this time with Letlole La Rona (LLR) as the new buyers.
By Staff Writer Wed 20 Dec 2017, 16:50 pm (GMT +2)
Mmegi Online :: Letlole replaces NAP in Mahalapye mall deal








The Botswana Stock Exchange (BSE) listed NAP had sought approval from the CA, but it now appears the deal fell through despite having been given the green light.

In a statement released this week, the CA said they have received notice of a proposed acquisition by Letlole La Rona Limited of the enterprise situated in Mahalapye known as Watershed Piazza shopping mall, together with the underlying leases and the right to collect rental from its current owner Jus Posh Investments (Pty) Ltd.

“Jus Posh, the target enterprise, is situated at Lot 29052 Mahalapye, known as Watershed Piazza Shopping Mall. Furthermore, Jus Posh are primary speculators in the property business and had developed the property with the intention of it being sold to an appropriate investor.

The company is not in the business of long-term property investment. Jus Posh is wholly owned by Seloma Tiro, a Motswana,” read the statement.  .

The acquiring enterprise, Letlole La Rona Limited, is a public company listed on the BSE. The major unit holders of LLR include Botswana Development Corporation Limited (BDC), FNB Botswana nominees (Pty) Ltd, Delta International Mauritius Limited and the Botswana Public

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Officers Pension Fund (BPOPF).

LLR provides retail accommodation through letting of its various properties in Gaborone and Francistown areas and its board of directors include Boitumelo Mogopa, Terence Dambe, Bafana Molomo, Jane Tselayakgosi, Curtis Matobolo and Tiny Kgatlwane.

Letlole is currently trading on a cautionary statement on the BSE after it advised unit holders that the company is currently in negotiations regarding the acquisition of an Industrial Property.

 In a statement, the directors advised unit holders to exercise caution in the trading of their Letlole Linked Units and should consult their professional advisers before dealing in their Linked Units until such time as the results of the negotiations are known.

About 44% of LLR’s property portfolio is occupied by the industrial, followed by leisure with 34%, retail with 10%, office with seven percent and residential with five percent. LLR is looking to grow its property portfolio and optimising its assets to achieve competitive total return.

LLR is also targeting acquisitions that come with tenants of a competitive covenant strength on long leases, as this will not only guarantee occupation, but also real growth in income through predetermined escalations.

 

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