- Tsaone Segaetsho
Botswana Stock Exchange (BSE) listed property giant Turnstar is basking on a positive financial book with rental revenues boosting its results for the year ended 31 January 2024, recording an increase of 13 percent compared to the preceding year, moving to P328.5 million for the year ended January 2024,compared to the previous P291.3 million.
“This was due to strong rental income growth in all jurisdictions in which Turnstar Group operates,” said Turnstar directors.
Turnstar has eight properties in Botswana, four in Tanzania, and one in Dubai.
Turnstar’s appetite to get more rental revenue is growing even bigger with the group now acquiring Palapye’s Lotsane Mall, increasing its portfolio value to over BWP 2.850 billion and increase its total portfolio size to approx. 105, 000 m2 of G.L.A.
“Turnstar is optimistic about growing company and shareholder value as the Board of Directors have resolved to acquire the Lotsane Mall in Palapye, subject to the statutory approvals from the authorities. The Lotsane Junction Mall currently has an impressive occupancy ratio and is placed in an area of prime potential, adjacent to the proposed Palapye CBD in terms of the Palapye development master plan,” said Turnstar managing director, Gulaam Abdoola.
The property giant’s optimism is exemplified by its focus on growing with the urbanisation of Palapye, saying that said the proposed acquisition of Lotsane Junction Mall provides a unique opportunity to acquire an exceptional quality asset that rarely comes to market.
While the group celebrated high occupancy rate in its Botswana properties, the Dubai properties recorded full occupancy, while in Tanzania the properties recorded “pleasing income”, without qualifying the occupancy rate.
Turnstar’s revenue growth comes in spite of the group seeing a 15 percent increase in operating expenses compared to the previous financial year.
