Local property group, RDC Properties, is eyeing further growth in the United States market in order to grow its exposure to the US dollar as a hedge to local currencies. RDC Properties has assets in Botswana, South Africa, Namibia and Mozambique.
The Botswana Stock Exchange-listed group already has an interest in a rental development in the United States which had sold 65% of its apartments by the end of 2018.
Directors commenting on the group’s results for the year ended December 2018, said the US property was proving quite positive and the initial pay-out of RDCP’s share is expected in the second quarter of this year.
While investments in Botswana and South Africa performed well during the year under review, RDCP directors expressed concern about the Mozambique market where the retail market remains very difficult, due largely to broader economic issues and the failure by a major Botswana tenant to conduct fit-out of its lease in an RDCP property in that country.
In Namibia, directors said the group was still awaiting the finalisation of land acquisitions before starting developments. The protracted process has consequently delayed tenancies.