PrimeTime shareholders okay P136m investment

MBONGENI MGUNI
Staff Writer | Friday August 27, 2010 00:00

PrimeTime intends to invest P136 million developing the two projects in Gaborone - one a P101 million tenanted shopping complex called Sebele Centre near the airport intersection (Block 10), the other a P35 million office complex in the new Central Business District.

At the meeting, 52 shareholders representing 94 percent of PrimeTime's issued share capital voted in favour of acquiring land on which to develop the two properties from Time Projects and authorised the company's directors to enter into development agreements with Time Projects for the two projects.On Wednesday, PrimeTime announced that the planned Sebele Centre will feature Pick 'n Pay as its anchor tenant while other occupants will include Pharma South, Pick 'n Pay Bottle Store, Debonaires and Milky Lane.

'This centre will provide convenience shopping for the substantial customer base extending from Gaborone South and Western suburbs to Phakalane and Gaborone North as well as commuters to Mochudi and the impending development of Block 10 and Setlhoa Village,' PrimeTime officials said.

They added that an office and mixed use complex 'along the lines of the Melrose Arch in Johannesburg' was planned for the CDB plot.

'The aim is to provide corporate tenants with state-of-the-art accommodation in this location which is seeing substantial growth. The first building of three to be developed will cost P35 million.'

The officials said the two properties would add significantly to PrimeTime's portfolio of 16 properties across the country, which include the United Nations Place, the South African High Commission, South Ring Mall and Independence Place.

PrimeTime attributes its consolidation in Botswana's property sector over the years to its relationship with Time Projects, which manages the asset base and properties.

'Whilst not a contractual obligation, it was always envisaged that Time Projects would provide PrimeTime with a pipeline of investment properties,' the officials said.

'These are the first of what could be many to come. The market can look forward to what PrimeTime has to offer next.'