Letlole finalises P53m sale of Moedi House

Landmark: Moedi House in the Fairgrounds area of Gaborone PIC: LETLOLE.COM
Landmark: Moedi House in the Fairgrounds area of Gaborone PIC: LETLOLE.COM

Local property group, Letlole la Rona (LLR), is concluding an agreement to sell Moedi House in Fairgrounds for P53 million to a group partly owned by the Tibone family.

In a notice to the Botswana Stock Exchange, LLR directors said a sale deal was being finalised with Shining Sun Investments Proprietary Limited for Moedi House.

According to records at the Copyright and Intellectual Property Authority, 51% of the acquiring company is owned by Shyam Sunder Sreekaram, Shashi Kala Bala Sreekaram and Akheel Jinabhai.

The balance is held by Tamtamoga Investments, a company first incorporated in 1984, in which former Cabinet minister, Charles Tibone holds 82% and the balance held by shareholders who share his surname.

The sale is part of three planned asset disposals announced by LLR last week. Letlole la Rona, which is majority owned by the Botswana Development Corporation (BDC), boasts a property portfolio last valued at P1.4 billion which includes some well-known industrial and retail assets.

Moedi House was LLR’s only commercial asset and the property was previously valued at P49 million.

“The sale of the asset is in line with the company’s strategy of asset recycling with the aim of optimising the portfolio’s total return, thereby further unlocking superior returns for its stakeholders,” LLR directors said, adding that the sale price was in line with the asset’s valuation.

Moedi House is among the landmarks in the Fairgrounds area, having housed the BDC and the Department of Wildlife and National Parks for many years.

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