The shopping mall at the busy Gaborone train and bus station to be added to a list of properties that includes Letlole’s hotels, warehouses and factories
GAZETTE REPORTER
Real estate development and management company that owns and operates commercial and industrial properties, Letlole La Rona (LLR), intends to add to its list of properties by acquiring a stake in owners of Rail Park Mall, JTTM Properties.
This follows an announcement by the Competition and Consumer Authority (CCA) they recently received a merger notification for the proposed acquisition of 32.79 percent of issued share capital in JTTM Properties by Letlole La Rona. CCA is responsible for the prevention of and redress for anti-competitive practices in the economy and removal of constraints on the free play of competition in the market, as well as the protection of consumer rights by means of investigation, prohibition and control of unfair business practices.
The acquiring enterprise, LLR, is a public listed company on the Botswana Stock Exchange. Its two major unitholders are Botswana Development Corporation Ltd (BDC) and Grit Services Limited (Grit).
BDC is a Government of Botswana owned entity and the country’s main agency for commercial and industry development. Grit is a Mauritius-based company focused on investing in and actively managing a diversified portfolio of assets underpinned by predominantly US$ and Euro long-term leases with high quality multi-national tenants.
LLR owns a list of properties in Botswana that includes hotels, warehouses and factories. The focus of the company property portfolio is on industrial properties. The company has 13 industrial properties in its portfolio. It owns Moedi House, which is a commercial property; Shoppers, which is a retail property; Red Square, which is a residential development; and four hospitality properties which are Bosele Hotel, the President Hotel, Cresta Lodge and Thapama Lodge. LLR is a subsidiary of Botswana Development Corporation Limited.
The target enterprise, JTTM Properties, is a private limited liability company duly incorporated in accordance with the Laws of Botswana. It is described as a property investment vehicle which owns the Rail Park Mall development, which is a shopping mall situated in Gaborone. The target enterprise is currently owned by Botswana Railways Organisation (BRO) at 84.60 percent, B.R. Properties (Pty) Ltd at 3.162 percent , Motor Vehicle Accident Fund (MVAF) at 10 percent and Botswana Railways Staff Pension Fund at 2.21 percent. BRO is a statutory corporation established under Chapter 70:01 of the Botswana Railways Act.
BRO also controls B.R. Properties (Pty) Ltd, Rail Diamond (Pty) Ltd; Sea Rail (Pty) Ltd; and Gaborone Container Terminal (Pty) Ltd. B.R. Properties is a private limited liability company incorporated in accordance with the Laws of Botswana.