- Tssaone Segaetsho
According to the recently released financial results for Turnstar Holdings Limited for the year ended 31 January 2025, Botswana’s economy remains gloomy, hindered by fiscal shortcomings and declining government reserves.
Despite this, the Botswana Stock Exchange (BSE)-listed property group, Turnstar Holdings, has shown resilience, attributing much of its strong revenue performance to its Tanzanian property, Mlimani City Mall.
“Tanzania continues to demonstrate resilience, with GDP growth, rapid urbanisation, demand for formal retail space, and a growing middle-income population. The country’s infrastructural investments and stable governance continue to attract institutional investors to quality assets such as Mlimani City,” said Turnstar Holdings directors.
With a portfolio contribution of 46 percent and being the group’s largest single asset, Mlimani City recorded an improvement in office leasing and stable retail footfall during the year under review. According to Turnstar Holdings, the mall’s conference facilities are also being upgraded to align with East African regional standards. In the last quarter of the year, Mlimani City contributed positively to the recovery in rental income.
The second-largest component of Turnstar’s portfolio is the Botswana segment, which is anchored by Game City Mall — the second-largest privately owned shopping centre in Botswana — as well as residential properties under Tapologo Estates.
According to the financial results, performance in the office sector remains sluggish in Botswana, due to adverse economic conditions such as high unemployment and broader macroeconomic constraints.
However, Game City and Tapologo Estates helped mitigate the bleak outlook, with Turnstar Holdings noting that these assets continue to improve in order to maintain their competitiveness. The company also reported that Botswana’s industrial and retail sectors are showing “stability and moderate growth”, which is said to be supported by manufacturing demand.
Dubai’s Palazzo, which accounts for 15 percent of the group’s portfolio value, maintained full occupancy throughout the 2025 financial year. Located in an affluent area, Turnstar reports no challenges in securing tenants for the property. The group also cited favourable market dynamics in Dubai, particularly for mid- to upper-tier residential rentals.
Group rental income increased by 5 percent, while operating profit rose from P165.9 million in 2024 to P185.9 million in 2025.
