PrimeTime buys property in Zambia

The 4,000 square metres property has been bought by PrimeTime Property Holdings (Zambia) Limited, a Zambian registered company and wholly owned subsidiary of PrimeTime Property Holdings Limited, from Rumpuns Trading Limited.

According to a statement issued yesterday, the property, purchased at $8.8 million (P92.96m), is a tenanted, commercial office park that encompasses three separate buildings, namely Cavmont Bank, PwC and John Snow International, each leased to a single occupier. “The property is being funded by $5 million amortising loan from Barclays Bank Zambia Limited the balance from funding raised in Botswana,” said the company. PrimeTime managing director, Alfred Kelly said the transaction is part of the execution of PrimeTime’s strategy to continue growing the property portfolio in order to create long term value for linked unitholders, as the loan is paid down and its earning ability increases. He added that the property, with a market value of $10 million, has been purchased as an investment with “blue chip” tenants.