GENERAL NEWS
PrimeTime’s
10th anniversary
By Sandy Kelly
This time last year we were celebrating Time Projects’
30th anniversary. This year, on 20 December, it is
10 years since the listing of our associated company PrimeTime
on the Botswana Stock Exchange in 2007.
As both PrimeTime’s asset and property managers, as well as having
developed a number of properties for PrimeTime, Time Projects has been
instrumental in PrimeTime’s growth and success.
At the time (time of listing), the IPO raised the most capital of any listing to
date, P107m. The value of the company was then P207m with P175m worth
spread over 13 properties and cash of P32m. This increased by P75m in
May 2008 with the acquisition of three commercial properties in Francistown
from Tati Company by way of part issue of shares and the balance in cash.
Shortly thereafter came the first property that Time Projects developed
for PrimeTime, namely, Sebele Shopping Centre for a sum of P101m,
completed in 2011. Then came Prime Plaza, starting with the
development of CEDA House which was completed in 2012, followed
by Mowana Building which houses Cresta and finally Barclays House
which was completed in 2014. These are PrimeTime’s flagship or “trophy”
properties. Prime Plaza is now valued at over P200m.
After some years of scouting further afield, in 2011/12 PrimeTime made
its first investment into Zambia with the purchase of two G4S Security’s
properties in Lusaka & Kitwe on a sale and leaseback basis. This came on
the back of a similar transaction in Botswana in 2010.
Since then, PrimeTime has increased its investment in Zambia to approximately
P300m or US$30m by its 31 August financial year end with the acquisition of
PWC Office Park for $8.9m in 2016 and Centro Kabulonga retail shopping
centre in Lusaka from a developer, Pylos, for US$17.3m.
During 2017, PrimeTime agreed to invest in a retail shopping centre being
developed by Time Projects in the border town of Chirundu for US$8.4m. It is
anchored by Shoprite. PrimeTime also bought a site in Lusaka from Pylos in the
suburb of Munali during 2017 which Time Projects is developing. Shoprite
is again the anchor. This 6 000m2 centre will cost US$13.5m which, upon
completion in July/August 2018 will bring PrimeTime’s investment in Zambia
ABOUT TIME, the quarterly
newsletter of Time Projects
Editor: Brett Marlin
to US$53m which will account for nearly 40% of its total portfolio.
PrimeTime’s strategic objective of diversifying its risk outside of Botswana
and taking advantage of hard currency investments has been substantially
achieved and is well poised for the next steps.
Time Projects has a small, but fully fledged office in Lusaka, undertaking
all the services required to service PrimeTime as well as to pursue other
development opportunities.
Back home, after having successfully completed the turnkey development
of Pilane Crossing retail centre in September 2016 for P108m, only
to have been frustrated by government’s refusal to grant foreign, mostly
South African retailers, trading licences. This has now been substantially
resolved and the centre is really looking and trading well. Now, Time
Projects is developing an interesting Design Quarter retail park in Setlhoa
for PrimeTime valued at P35m, due for completion mid 2018 and has
another development planned in the same area for 2018.
As of its year end, PrimeTime’s property portfolio totalled over P1.3b
which will rise to over P1.5b spread over 27 properties by mid 2018.
From June 2016 till July 2017, over P300m was raised in the debt capital
market by way of bond issues of medium term loan notes and commercial
paper plus a P200m rights issue.
This unparalleled success has been possible due to the incredible support
displayed by investors and financiers alike. But also due to the amazing
relationship between PrimeTime and Time Projects.
Time Projects congratulates PrimeTime on its 10th anniversary and thanks
its shareholders and directors for the continued confidence and support.
We, at Time Projects, are proud and privileged to have been instrumental
in this achievement and look forward to being part of PrimeTime’s future
growth and earning sustainable returns for all stakeholders.
Managing editor: Faye-Marie Cloete
Email: [email protected]
Cell: +267 7137 6232
Contributors: Clifford Ferreira, Mike
Hughes, Henno Cronjé, Roy Mapharing,
Funkie Moroka and Chabo Mbikiwa
Tel: +267 395 6080 | Fax: +267 390 0160 | Email: [email protected] | Website: www.time.co.bw
ABOUT TIME is published on behalf of Time Projects by Nova Communications (Pty) Ltd.
The opinions expressed in this newsletter are those of the authors and people interviewed and do not necessarily reflect the views of the editor, publisher or Time Projects. While all
precautions have been taken to ensure accuracy of information, the editors and publisher cannot accept responsibility for any inaccuracies which may inadvertently have occurred.
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ISSUE 32 - DECEMBER 2017