The multinational property investment group behind Gaborone’s Game City Mall has credited stable tenant occupancy across Botswana and Tanzania for the slight growth
GAZETTE REPORTER
Turnstar Holdings Limited has reported a slight 0.6 percent rise in rental income to P174.0 million for the half year ended 31 July 2025, from P173.0 million in the previous year.
The company – which is the multinational property investment group behind Gaborone’s Game City Mall – attributed the growth to stable tenant occupancy across Botswana and Tanzania.
According to the company’s results, operating expenses fell marginally by 1.6 percent to P73.8 million (2024: P74.9 million), a decrease linked to tighter cost controls and deferred maintenance.
BOTSWANA OPERATIONS
Profit before tax increased by 1.0 percent to P72.7 million, while profit after tax rose to P95.2 million from P66.1 million a year earlier.
In Botswana, the report noted that Game City, Nzano, and Supa Save Malls maintained strong occupancy and stable rental collections despite subdued consumer spending.
The company said upgrades at Game City continued, with new padel tennis courts now fully operational and contributing new revenue streams. Plans to introduce a tyre fitment business at the mall are ongoing.
TANZANIA’S MLIMANI CITY
In Tanzania, Turnstar said economic activity remained strong, supporting retail and office demand. “Mlimani City operated at near full capacity, with steady rental growth and conference centre bookings surpassing prior year levels,” the group stated.
The office park reached 92 percent occupancy while Palazzo Venezia remained fully let. Tanzanian regulators also approved rental increases of up to 15 percent.
Turnstar’s total borrowings of P596 million against total assets of P2.8 billion, maintaining what it described as a “conservative gearing level”. Operational cash generation rose to P91.5 million, with all loan covenants met.
OPERATIONAL EFFICIENCY
“Despite a non-cash foreign exchange translation impact on consolidated equity, the Group remains fundamentally strong and liquid,” the company said adding that it would continue focusing on operational efficiency and portfolio enhancement.