Botswana Property Firm Targets East African Expansion
The company's approach of targeted, sustainable development could provide a model for regional economic growth.
GABORONE, Botswana— Turnstar Holdings Limited has announced it will expand into East African markets, targeting Rwanda and Uganda while increasing investments in Tanzania, writes Tshepiso Gabotlhomolwe.
The Botswana-based property developer reported a 13% increase in rental revenues to P328.5 million for the year ending January 2024, providing financial momentum for its regional growth strategy.
Managing Director Gulaam Abdoola said the company aims to surpass P3 billion in investment property value by 2026.
"We believe in delivering developments that resonate with the unique demands of each region while staying true to our ethos of excellence and partnership," Abdoola told reporters.
The expansion strategy includes exploring markets in Rwanda and Uganda, potentially listing its Tanzanian subsidiary Mlimani Holdings on the Dar es Salaam Stock Exchange, and diversifying into industrial property development.
Turnstar realised a P49.8 million fair value gain on investment properties, demonstrating financial stability.
The company's existing projects, including Mlimani City in Tanzania and Game City Mall in Botswana, showcase its capability to manage complex regional developments.
Key investment targets involve leveraging Public-Private Partnership (PPP) expertise across new markets.
The company plans to build on its 24-year operational history, which includes managing prime assets in Botswana such as Nzano Mall and Mogoditshane Supa Save.
The expansion coincides with renewed economic optimism in Botswana following recent national elections.
Turnstar positions its strategy as a contribution to economic diversification, targeting emerging markets while maintaining a commitment to its Botswana roots.
Existing assets provide a strong foundation for regional growth.
The company's current portfolio includes significant properties across Botswana and Tanzania, including the high-profile Tapologo Estate.
Abdoola emphasised the company's long-term vision.
"Our goal is to redefine property investment across the continent," he said, positioning Turnstar as a potential leader in African real estate development.
Financial analysts note the strategic timing of the expansion, with East African markets showing increasing potential for property and infrastructure investments.
The company's approach of targeted, sustainable development could provide a model for regional economic growth.
As Turnstar moves forward, it continues to balance ambitious expansion with careful market assessment, seeking opportunities that align with its established track record of successful property investments.