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RDC Properties Profits Bounce Back

RDC properties have recorded P35.6 million in profit, 26% higher than P23.3 million that was recorded in the prior year, according to their half-year financial results for the year ended in 30 June 2018.

Speaking during the results presentations this week, RDC Properties executive chairperson, Guido Giachetti attributed the good performance to the Botswana portfolio, which contributed the largest share.

“The good results are underpinned by Botswana portfolio with Chobe Marina Lodge contributing most. Botswana contributed about 79% followed by South Africa with 16% and USA with five percent,” he said.

Currently RDC properties’ investment and property portfolio has grown up by 50% to P1.9 billion compared to P1.2 billion recorded last year.  About 43% of their portfolio is covered by the office space, 20% retail, and hospitality with 29%, industrial with five percent and residential with three percent.

Giachetti said about 47% of the leases are expiring in 2020 onwards with the vacancy rate standing at 2.72% as of June 2018.

He said the ICC Flats in Gaborone’s Extension 9’s leasing activities are progressing well as the project has been built on time and in budget. He said the first block is being let as 50% already secured for the property and a number of prospective tenants lined up.

In Mozambique, the group has completed the construction of Xai Xai shopping centre and the anchor tenant

is expected to commence their fit out soon. The advanced earthworks have been commenced at the Zimpeto project that is expected to be a 24 months undertaking.

“USA is progressing well, and our plan is to convert proceeds on the development sales into a yielding portfolio. We have managed to develop about 71 apartments, which are now up for sale,” he said.

In Namibia, the group intends to immediately start building works for the convenience centres in Tsumeb and Grootfontein on ministerial approval of the land transfer and finalisation of the deeds of sale.

Last year, the group acquired South African Western Cape based loan stock company, Capitalgro. On March 20,  2018, the group through Capitalgro acquired The Edge building, a 100% let building for total acquisition cost of R307 million financed through a bank mortgage loan and Capitalgro rights issue.

“Our participation to the rights issue resulted in our shareholding in Capitalgro increasing from 34.85% to 62.99%. We are also evaluating a number of opportunities presented to the Capitalgro team and we are confident of the prime portfolio that we are building in the Cape Town area,” he said.





Motion of no confidence

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