Turnstar secures P250m for Game City expansion
Staff Writer | Wednesday November 19, 2014 15:49
The deal set in motion the much-anticipated expansion of the Game City Shopping Centre.
RMB Botswana offers a comprehensive suite of investment banking products and services; advisory, finance and trading solutions; investment opportunities; and fund management.
Turnstar Holdings Limited is a Variable Rate Loan Stock Company that invests in real estate property with assets valued at over P1.4 billion and a market capitalisation of over P1 billion.
“We are delighted to finally have this project underway. Our multi-disciplinary infrastructure finance team at RMB Botswana has provided funding solutions across all key infrastructure sectors and the Game City expansion deal is our latest addition.
This is a landmark we are excited to share with Batswana by bringing them an even greater state of the art shopping facility,” commented the RMB Botswana Director, Pauline Motswagae.
The Game City property is one of the largest shopping centres in Botswana and the only regional shopping centre in Gaborone.
The shopping centre is within proximity of the Gaborone International Finance Park and Commerce Park, two highly requisite commercial establishments.
The area is also characterised by high-end residential homes and is set to benefit from the upcoming development of new houses within its catchment area.
“The re-development will include: the addition of a conference facility; a terrace to be used by a restaurant, a piazza, an entertainment court and a structured three floor parking lot consisting of 650 parking bays. We are excited to have gone into this historic investment deal with RMB Botswana,” said Turnstar Managing Director, Gulaam Abdoola.
“The redeveloped shopping centre will have additional 8,500 square metres of rentable space which will comprise a fashion avenue for brand savvy clients, a well-designed restaurant area with terrace sitting, a multi-function entertainment area and kids play area,” explained Abdoola.
He added that the restaurant area would be the destination of choice for fine dining, and would cater for nightlife with a safe and retro urban environment overlooking the panoramic Kgale hill.
Game City is one of the busiest malls in Gaborone. The mall is situated at the foot of Kgale hill, at the confluence of major roads from Lobatse and busier areas of Kgale View, Naledi, Commerce Park, Gaborone West industrial and Gaborone West residential areas.
The mall has over 120 shops including Game store, cinema, supermarkets, fast food restaurants and clothing shops.
Expansion of Game city was prompted by the arrival of news malls such as Airport Junction, Sebele and Rail Park mall, which pose serious competition.
“At RMB Botswana we offer our clients innovative advice, financing and excellent investing solutions. We are happy that Batswana will continue to appreciation that which we are about, through partnerships such as this particular one with Turnstar. “By continually investing in renewal and new construction we give our communities equal opportunity to prosper in the global economy,” concluded Motswagae.