Letlole La Rona buys Mahalapye’s WaterShed Mall

17th January 2018
Mahalapye's Watershed Mall Source:The Midweek Sun


By Keikantse Lesemela - Reporter

Public property investment company, Letlole La Rona (LLR) announced that the acquisition of WaterShed Mall in Mahalapye will provide it with an opportunity to diversify its retail portfolio and increase it to 25 percent. In a statement LLR states that it has entered into the sale agreement with Jus Posh Investment for the acquisition of the retail property, which includes all land, buildings and improvements of Watershed Piazza mall. “The transaction further provides LLR with a growth opportunity and will enhance the company’s earning and in turn improve distribution to unit-holders,” reads the statement.

The acquisition comes after the Competition Authority approved the purchase of Watershed Piazza mall by New African Properties (NAP) in November last year. Competition Authority Mergers and Monopolies Manager, Nomathemba Dladla said the Authority is currently assessing the acquisition by LLR. “In early December 2017, the parties informed the Authority that the deal did not go through as planned and a new partner had been established to take over the property.

Consequently, a submission was made in December 2017 where the Watershed Piazza Shopping Mall would now be acquired by Letlole La Rona. The Authority is therefore currently assessing the acquisition of Watershed by Letlole La Rona,” said Dladla. Jus Posh, the target enterprise, is a private company incorporated with limited liability in accordance with the Laws of the Republic of Botswana. Furthermore, Jus Posh are primarily speculators in the property business and had developed the property with the intention of selling it to an appropriate investor. The company is not in the business of long-term property investment. Jus Posh is wholly owned by Seloma Tiro, a Motswana.

The acquiring enterprise LLR is a public company listed on the Botswana Stock Exchange. Major unit-holders of LLR include Botswana Development Corporation Limited (BDC); FNB Botswana nominees (Pty) Ltd; Delta International Mauritius Limited; Botswana Public Officers Pension Fund (BPOPF) and FNB Nominees (Pty) Ltd. LLR portfolio comprises 44 percent industrial, 34 percent leisure, 10 percent retail, seven percent office and three percent residential. LLR is the largest investor in industrial and hotel space of the Botswana Stock Exchange-listed property funds and these sectors have been resilient despite the current challenging trading environment.

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