Mmegi Online :: Mauritius among targets of PrimeTime’s P200m war chest
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Friday 23 February 2018, 16:00 pm.
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Mauritius among targets of PrimeTime’s P200m war chest

Listed property group, PrimeTime Holdings has budgeted P200 million to spend in the next eight months on opportunities that could see boots on the ground in Mauritius, BusinessWeek has learnt.
By Mbongeni Mguni Fri 26 Jan 2018, 17:20 pm (GMT +2)
Mmegi Online :: Mauritius among targets of PrimeTime’s P200m war chest








PrimeTime managing director, Sandy Kelly said the group was actively looking for investment and expansion opportunities to be funded through the P200 million, the budget remaining for such activities in the financial year which runs to August 2018.

At present, PrimeTime, which is listed on the Botswana Stock Exchange, has 25 properties valued at P1.12 billion, with the portfolio spread across Botswana and Zambia. The group recorded a 27% jump in lease revenue to P110 million for the year ended August 31, 2017.

“We will not ‘stop the clock’ in Botswana and Zambia where we have established a solid foothold upon which we will continue to build,” Kelly told BusinessWeek.

“We have identified opportunities which we may well pursue in the next year or two.

“Mauritius is a possible investment destination. Apart from being where our Zambian company is held, it is also a very good, stable market.” Kelly explained that PrimeTime’s risk parameters consider security of tenure and with that the ability for funders to register security such as is lacking in Mozambique, political risk such as in Zimbabwe and

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local entry barriers, such as obtain in Kenya and Tanzania.

“(In Kenya and Tanzania) established local investors and retailers or businesses control the market. “Rwanda and Uganda are investor-friendly markets,” he said.

The push for Africa is in line with PrimeTime’s policy of geographic diversification to preserve and grow value within the group. Kelly explained that revenues for property group in Botswana have been affected by the stagnant economy, which has led to a lack of new tenants.

“The stagnant economy in Botswana (has also resulted in) little new investment or development opportunities and competition, with six listed property funds plus other property investors such as Bifm, BPOPF direct investment, private investors and developers,” he said.

“And then the trade licensing issue – not exactly a proactive environment for investment.”

PrimeTime struggled to get its Pilane Mall off the ground last year, due to a trade licensing standoff between government and South African retailers who were due to take up tenancy. While compromise was finally struck in the standoff, the dispute cost PrimeTime P2 million in lost rental income.

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