Buoyant Prime Time on expansion mode

“Early indications show strong demand from high quality tenants,” noted the company which counts among others, residential houses, malls, commercial assets within its portfolio.

Prime Plaza II comprises four commercial buildings that will be developed in phases. It will have the highest prime- grade finishes with the design and development based on best practice principles in green design.

To this end, the first building in the development has been awarded a 5- Star Green Star Africa – Office Design v1. 1 rating by the Green Building Council South Africa. The building marks the council’s first green star- rated building in Botswana and is recognised by the World Green Building Council.

Prime Time’s most recent property, Lobatse Junction is expected to continue to contribute on driving future growth, having already contributed to the 5.3percent growth in Prime Time’s total assets to P1.77 billion at the 28 February 2022 period end.

The company is on an expansion mode, which places it on a perfect position to benefit from the insatiable demand coming from both commercial and office space clients. For example, the group is further considering a major extension to its Boiteko Mall in Serowe with strong tenant demand, having been registered.

A further opportunity is the extension of Pinnacle Park, where the Group has land available.

“The support from our unitholders will solidify our strategic focus on organic growth as we anticipate future growth to be driven by new developments where there is significant tenant demand,” said Kelly.

Meanwhile, the BSE listed diversified property group has issued a circular unpacking the elective capitalisation option on its second interim distribution for 2022 of 4.95 thebe per linked unit payable to unitholders.

In terms of the elective capitalisation option, linked unitholders can elect to reinvest their distribution in return for linked units in Prime Time at a ratio of the net distribution amount after withholding tax, divided by P1.85.

“The elective capitalisation option provides shareholders with a unique opportunity to acquire additional shares in Prime

Time without having to pay the costs usually associated with such transactions,” said Kelly. “Importantly, the retained cash will allow Prime Time to build out its portfolio without negatively impacting on its loan- to- value,” he said.