“While rental levels from existing properties have been relatively flat, the increased income and projected growth are coming from the new properties, Pinnacle Park and Lobatse,” she said. During the reporting period, the group’s rental income and revenue from contracts with customers were P79.8 million. According to Matumo, vacancies are low and where tenants have moved, they have and are finding good covenant replacements. “This is indicative of the quality of our assets, confirming the strength of our portfolio fundamentals. We have worked hard to look after our tenants and properties during this time as well as bedding down our new developments successfully,” she said.
The Lobatse Junction retail centre, which was opened in October last year, is reported to have been fully occupied by November 2021 while the final unit at the Pinnacle Park, which was practically completed right at the end of the 2020 financial year, has now been let out. In terms of the development pipeline, the two property disposals brokered in the prior financial year, namely retail centres in the rural locations of Gantsi and Ramotswa, were transferred by the end of January 2022.
