Official Newsletter ISSUE 5 • September 2016

CELEBRATING50YEARS

OF INDEPENDENCE

1

The Chairman and Directors of Turnstar congratulate our government

and the entire nation of Botswana on the 50 years of Independence.

This is.....

50 years of nation building.

50 years of economic building.

50 years of social upliftment.

50 years of democracy.

50 years of stability.

50 years of prosperity.

"May our future be built on the same foundation laid down by our

elders.

Let this also be a time of re�ection on how we all can make a

difference and play our part in the next 50 years."

Pula , Pula, Pula

CELEBRATING50YEARS

OF INDEPENDENCE

Telephone +267 393 6105Fax +267 393 6169

Email info@turnstar.co.bw

Web www.turnstar.co.bw

Physical Address

4th Floor East-Wing

1131-37 Queens Road

Main Mall, Gaborone

Postal Address

P. O. Box 26012,

Game City

Gaborone

Turnstar Holdings Ltd, is pleased to

announce the appointment of Mr

Patrick K Balopi as the Chairman of the

Board of Directors. Mr Balopi has been one

of the founding members of Turnstar

Holdings, and previously served as a Director

of the Company.

Mr Balopi has been a Member of Parliament

for 20 years and has held a number of

cabinet and Ministerial positions during the

period 1984-1994.

He was elected to the position of the

Speaker of Parliament of the Republic of

Botswana and served simultaneously as the

Chairperson of the SADC Parliament Forum.

A recipient of the Presidential Order of

Honour (PH) and the Melvin Jones Fellow

Lions Club International, he has recently

been appointed by His Excellency the

President of the Republic of Botswana, as

Botswana's eminent representative to the

Queen Elizabeth II Diamond Jubilee Board

of Trustees, headed by the former British

Prime Minister, the Right Hon. John Major.

Mr Balopi also serves as a Director in several

other Companies on Botswana.

The Board of Directors, Management and

staff of Turnstar Holdings Ltd, welcome Mr

Balopi and look forward to working with him.

The Group will bene�t from his wise counsel

and experience.

Turnstar AppointsNew BoardChairman

Turnstar AppointsNew BoardChairman

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Game City Shopping Centre has maintaineda high occupancy rate despite the in�ux ofseveral new shopping centres over the pastfew years. With the expansion and revampof the existing mall, Game City will now beable to achieve higher rental rates whichare at par with new malls in town. Theanchor tenants Game Stores, Edgars,Choppies, Stuttafords, Woolworths andanchor Groups with several shops in the mallbeing Mr. Price Group, TFG, Edcon and CashBazaar Holdings have been maintained,with some expansing to take more space inthe expansion.

Game City expansion entails a FashionAvenue on the ground �oor with Edgars asan anchor expanding to double its size fromaround 2000 sqm to roughly 4000 sqm. Mosteateries will be relocated to the upper levelto add to the new restaurants enteringGame City, where a food court offeringfamily dining and a nightlife is beingcreated. The upper level has a kiddie's playarea with kiddies Jungle Gym, multipurposeentertainment area with arti�cial turf, stagearea and an outdoor Screen where movieswill be aired as well as adverts. A three-levelparkade with about 650 covered parkingbays that will offer safe and secure parkingwith 24/7 security and controlled access isnearing completion.

The ExpansionThe internal Food court is almost complete withall the restaurants already trading. The eateriesthat recently moved here are Nandos,Debonairs and the Braai Place; construction forthe external seating area for Mugg & Bean, TheBraai Place and Debonairs will start in a fewweeks. The panoramic lift, staircase and newescalators in the main atrium have beeninstalled and already in use. The external foodarea is nearing completion; this area will offerTswana, Indian and Chinese cuisines amongothers as well as a robust night life. The lowerlevel which is housing the fashion stores isalmost complete; all the stores are completeand ready for Bene�cial Occupation. Oncethe corridors have been completed this area ofthe mall will be ready for �xturing and tradingwithin a month of BO.

The parkade is 90% complete. This will makeshopping at Game City a joy with ample secureand shaded parking. This is expected to be inoperation by Mid-September

The RevampMost of the old parts of the mall, phase 1 hasbeen retiled, the contractor is currently workingon tiling the pillars, painting the ceilings andwalls for the fresh �nish that will blend in with theexpansion. Construction of the new enclosedentrances with revolving doors that will ensurethat the air-conditioned atmosphere iscontained within the mall will start soon and becompleted to meet the Christmas trade.

Game City progress reportGame City progress report

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Mr. Clifford K. Tandari

Ag. Executive Director

Ministry of Industry, Trade and Investment

Mlimani City is a centre of attraction and

a hub for people who want to shop

and host events such as high pro�led

weddings. It boasts of easy access parking and

excellent facilities. Mlimani City is viewed as one

of the best in Tanzania. Setting up a mall in Dar Es

Salaam has been bene�cial to the growth of the

Tanzanian economy. As one of the largest tax

payers in the country, Mlimani Holdings helped

quality and ef�ciency of public services improve

tremendously. As a generator of income it has

contributed to the growth of the University of Dar

Es Salaam and created jobs. Mlimani City is doing

well in terms of �nancial audits and the on- going

expansion, it should consider building vertical

structured buildings as High rise buildings are

becoming more prominent these days. We

should also consider expanding to other areas of

Tanzania such as Mwanza, Arusha, Dodoma and

Mtuara.

Mr Tandari thanked Mlimani Holdings for

investing in Tanzania.

Tanzania Investment CentreTanzania Investment Centre

as a generator ofincome it hascontributed to the

growth of the University ofDar Es Salaam and createdjobs.

“

“

ANNUAL GENERAL MEETING

Turnstar Holdings' Annual general meeting

was held on the 28th July 2016 at the Avani

hotel. The main purpose of the AGM was to

comply with legal requirements, such as the

presentation and approval of the audited

a c c o u n t s , e l e c t i o n o f d i r e c t o r s ,

appointment of auditors for the ensuing year

and intention to issue a $30M Convertible

bond for the expansion of Mlimani city in

Tanzania. Other items discussed as per the

agenda include remuneration of the

Directors for the year ended 31 January 2016,

con�rmation of proposed dividend and

issues raised by the stockholders.

The acting Chairman of the Group extended

an open invitation to members to re-elect

Directors Mr Ishmael Nshakazhogwe Mrsand

Peo Pillar who retired by rotation in terms of

63 of the Article of association.

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AFRICA: THE RETAIL OPPORTUNITY

With Africa's property markets

attracting increased interest

from regional and international

investors, the retail sector

has become a major focus for

development activity

Sub-Saharan Africa is experiencing awave of modern mall development, onthe back of the growth of the region's

consumer markets. This trend is underpinnedby Africa's long-term demographic andeconomic growth. The population of Africahas more than doubled over the last thirtyyears to just over 1.1 billion, and it is projectedto hit two billion by 2040. Africa's population isgrowing signi�cantly faster than that of anyother global region. The population of Africais not only growing, but it is increasingly urban;while a little over 40% of the populationcurrently lives in cities, urban dwellers areprojected to be the majority by 2040. Citiessuch as Kampala, Dar es Salaam and Lusakaare among the fastest growing metropolitanareas in the world. Lagos, now widelyrecognised as the largest city in Africa, has apopulation variously estimated at anywherebetween 12 and 22 million and the UNforecasts that it will be one of the world's tenlargest cities by 2030. The demographicpro�le of Africa is young and the middleclasses are growing. By the Afr icanDevelopment Bank's de�nition, around 350million people in Africa are classi�ed asmiddle class. Within this group, there arebrand consc ious , techno logy-savvyconsumers who demand access to theincreasingly sophisticated retail formatsoffered by Africa's new wave of shoppingmalls.

Sizing the marketThis report analyses the growth markets ofSub-Saharan Africa and excludes SouthAfrica, which has a large and matureshopping centre market, and the North Africaregion. Within the 47 countries covered by thisstudy, Knight Frank

Research estimates that there is currentlyabout three million sq m of existing shoppingcentre space, in malls with a minimum size of5,000 sq m GLA. This includes older and poorerquality centres alongside more recentlydeveloped malls. Given that South Africaalone is estimated to have about 23 million sqm of shopping centre space, more thanseven times as much as the rest of Sub-Saharan Africa, there would appear to beroom for cons iderable fur ther reta i ldevelopment across the region. At present,the largest shopping centre market in thearea covered by this report is Nairobi, withnearly 400,000 sq m of shopping centrespace. However, it is signi�cant that thesecond and third largest markets by �oorspace are Windhoek and Gaborone, twosmall capital cities in Southern Africa, albeit inrelatively mature and prosperous economies.The fact that megacities such as Lagos andKinshasa have less �oor space than these twocities, which are a fraction of their size,illustrates how much further their retailmarkets have to grow.

Source: Knight Frank Research

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WINDHOEK,

NAMIBIA

260,000

NAIROBI,KENYA

391,000

GABO

RONE

,

BOTS

WAN

A24

7,00

0

KAM

PALA

,UG

ANDA

182,

000

HARARE,

ZIMBABW

E

178,000

LUSAKA,

ZAMBIA

149,000

LAGOS,NIGERIA121,000

LUANDA,ANGOLA113,000

DAR ES SALAAM,

TANZANIA

107,000

ACCRA,

GHANA

103,000

ABUJA

,NIGER

IA81

,000

MAP

UTO,

MOZ

AMBI

QUE

81,0

00

ADDI

SAB

ABA,

ETHI

OPIA

64,0

00

ABIDJAN,

CÔTE D'IVOIRE

61,000

KIGALI,

RWANDA

55,000

DAKAR,

SENEGAL

45,000

LILONGWE,MALAWI32,000

KINSHASA,DR CONGO10,000

Source: Knight Frank ResearchFloor space estimates include formal shopping centres with multiple retail units and a minimum gross leasable area (GLA) of 5,0

COMPLETED SHOPPINGCENTRE SPACEGLA (sq m)

SHOP AFRICA 2016 RESEARCH

The relatively smallcities of Windhoekand Gaboronecurrently havemore shoppingcentre space thanmegacities such asLagos and Kinshasa

7

00 sq m.

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