Turnstar, which owns several blue chip assets such as Game City in Gaborone and Nzano Centre in Francistown, had been working on closing the Mlimani City Property Development since early last year.Through the deal, Turnstar now wholly owns Mlimani, which consists of a multi-business area comprising a shopping centre, an office complex, a top-class conference centre and a residential housing estate with 50 units. The deal will also significantly enhance the value of Turnstar's portfolio that comprised nine properties worth P683.5 million as at January 2011. The Mlimani deal, therefore, will account for nearly half of the new portfolio in terms of value.
Yesterday, Turnstar's management announced that all dimensions of the funding package for Mlimani had been finalised with the complex's former owners."The board and management are excited about the Mlimani transaction, as it represents a tremendous opportunity, not only to strategically enhance shareholder value and strengthen our competitive market position but also represents a catalyst for the transformation of Turnstar into a pan-African property champion," said Turnstar's managing director, Jacob Motlhabane.
