Turnstar Holdings, a prominent property investment and development group listed on the Botswana Stock Exchange, has unveiled ambitious plans to broaden its footprint into the burgeoning markets of East Africa. The company aims to capitalize on its robust growth trajectory in Botswana and Tanzania by venturing into Rwanda and Uganda.
Currently, Turnstar Holdings boasts an impressive portfolio comprising seven properties in Botswana valued at P1.4 billion, alongside four properties in Tanzania worth P1.1 billion. Additionally, the company owns a property in Dubai valued at P25 million. Last year, Turnstar reported that its Game City property in Gaborone hosts 140 diverse shops, ranging from fashion boutiques and shoe outlets to jewelers, perfumeries, and gift shops. This vibrant hub also features restaurants, takeaways, coffee shops, grocery stores, banking and foreign exchange facilities, furniture and homeware outlets, hair and beauty salons, bookstores, sports shops, pharmacies, and the flagship Game Store. Another notable property, Turnstar House, is situated in Gaborone’s main mall and includes three retail spaces on the ground floor and twelve commercial office units across five floors.
In Botswana, Turnstar’s property portfolio extends to Nzano Mall in Francistown, Supasave Mall in Mogoditshane, Gaborone International Commerce Park, Tapologo Estate, and Mogoditshane Apartments. Nzano Mall, one of Francistown’s pioneering malls established 23 years ago, features two anchor stores—Game Stores and Super Spar—and 21 additional outlets. “Nzano has consistently attracted a loyal customer base, offering an array of clothing, dining, furniture, grocery, IT, and pharmacy outlets. It also includes banking services and a petrol station. The property received a facelift in 2023 and has maintained full tenant occupancy over the years,” stated Turnstar’s management.
In Tanzania, the group’s portfolio includes the Mlimani City business complex, one of the country’s largest shopping malls. Situated along Sam Nujoma Road in Mwenge, this site hosts various stores, restaurants, a cinema, and renowned international brands such as Mr. Price and Woolworths. It also accommodates leading telecommunications companies including TTCL, Airtel, Vodacom, and Tigo. The Dubai property, Palazzo Venezia, located in Majan, comprises three retail shops and eight commercial offices.
For the half-year ending July 2024, Turnstar Holdings reported rental revenue of P173 million, a notable increase from the P155 million recorded during the same period in 2023. The group achieved a profit after tax of P66 million for the half-year ending July 2024, compared to P48 million in the corresponding period of 2023.
Turnstar Holdings’ management expressed that these recent milestones have solidified the company’s reputation as a trusted leader in property investment. The group is well-positioned to harness its expertise to unlock new opportunities in one of Africa’s most dynamic regions. “East Africa’s vibrant market and burgeoning economies present an ideal setting for Turnstar’s expansion, aligning with our vision to deliver impactful developments that resonate with both local and regional needs. East Africa holds immense potential, and we are confident that our proven model and unwavering commitment to excellence will translate into success for Turnstar, its stakeholders, and shareholders alike,” stated management.
Furthermore, Turnstar is exploring the possibility of listing its Tanzanian subsidiary, Mlimas Holdings, on the Dar es Salaam Stock Exchange, according to the management.
