Turnstar is closer to acquiring Mlimani City Property Development in Dar es Salaam

[M-pesa]

Written by MODIRI MOGENDE
Wednesday, 07 September 2011

Botswana Stock Exchange listed Turnstar Holdings is readying to take on the Tanzania property market. According to the company's new Managing Director, Jacob Motlhabane, Turnstar is closer to acquiring Mlimani City Property Development in Dar es Salaam as most of the ground work is complete and only waiting "the approval from the Tanzanian government."

Motlhabane revealed that he will be going out there this week to try and push the deal through. The company was awaiting approval from unit holders when they first announced their intentions, which has been sort and secured.

The acquisition deal which is valued at US$77 million became effective on August 1st 2011. On what exactly Turnstar is buying, the company says a multi business area – a shopping centre with lettable space of about 18,794m2. "The shopping centre is Tanzania's first indoor air conditioned mall and home to notable South Africa retail giants," explains Turnstar, mentioning the likes of Shoprite and Mr Price. The investment company views this prime space as unmatched and sustainable since it carters to not only Dar es Salaam but also surrounding towns.

There is also a fully let office park consisting of four double-storeys, A-grade buildings with a let space of plus or minus 11,308m2. The property also includes a conference centre with a full range of facilities and amenities which played host to the African leg of the World Economic Forum.

The property development has ready built residential housing estate with 50 units. Turnstar will have access to about 75000m2 of undeveloped land for future use. The company believes this latest acquisition will enable them to benefit from the booming Tanzanian economy and widen its future investment and future earnings.

Investec Bank has been handling the transaction for the purchase. "The corporate Finance division of Investec Bank Limited has been appointed as investment bank and transaction adviser to advise Turnstar and its board of directors on the proposed acquisition." Turnstar are the owners of the upmarket Game City mall in Gaborone amongst other properties.

source:Turnstar buys into Tanzanian market - The Botswana Gazette

 

[mhondo]

Mlimani City imefikisha miaka mingapi tangu ianze biashara?

 

[M-pesa]

Sina hakika sana, lakini nadhani itakuwa zaidi ya minne!

Mlimani City imefikisha miaka mingapi tangu ianze biashara?

 

[LAT]

i knew this will happen .....Abdullah and his bosses are very clever .... actually they wanted to sell the property even before it was completed

anyways that's real estate business

 

[Pascal Mayalla]

Du!. Kumbe Mlimani City imeuzwa?!. Huu si ni mradi wa Chuo Kikuu na eneo ni la chuo?!. Ulipoanza si tuliambiwa ni joint venture na mwekezaji kwamba baada ya miaka 33 yote inageuka mali ya chuo!. Kumbe UD kinauwezo wa kuuza hiyo land?! nilishani deal ni leese kumbe ni aquisation!. Thanks to ICT at least now we know, next ni UDSM for sale!.

 

[BONGOLALA]

kwani si ilikua develop,operate na transfer to udsm after 50yrs.ina maana ardhi ni mali ya udsm.kwa tanzania lolote laweza tokea huenda mkapa alitudanganya alishauza na ardhi

 

[M-pesa]

Ndugu yangu Pasco hii nchi lolote laweza kutokea, ngoja tusubiri tujue nini kinaendelea.

Du!. Kumbe Mlimani City imeuzwa?!. Huu si ni mradi wa Chuo Kikuu na eneo ni la chuo?!. Ulipoanza si tuliambiwa ni joint venture na mwekezaji kwamba baada ya miaka 33 yote inageuka mali ya chuo!. Kumbe UD kinauwezo wa kuuza hiyo land?! nilishani deal ni leese kumbe ni aquisation!. Thanks to ICT at least now we know, next ni UDSM for sale!.

 

[The Boss]

Du!. Kumbe Mlimani City imeuzwa?!. Huu si ni mradi wa Chuo Kikuu na eneo ni la chuo?!. Ulipoanza si tuliambiwa ni joint venture na mwekezaji kwamba baada ya miaka 33 yote inageuka mali ya chuo!. Kumbe UD kinauwezo wa kuuza hiyo land?! nilishani deal ni leese kumbe ni aquisation!. Thanks to ICT at least now we know, next ni UDSM for sale!.

na mimi ndio nilitaka kuuliza hiki hiki
halafu ujenzi wa mlimani city walisema ni chini ya dola millioni kumi kipindi kile

sasa wanauza kwa dola milioni 77.....

 

[Kabembe]

The Kingdom of blinds whereby a one Eyed man with kichwa cha Nazi is a King.

 

[Nsiande]

Du!. Kumbe Mlimani City imeuzwa?!. Huu si ni mradi wa Chuo Kikuu na eneo ni la chuo?!. Ulipoanza si tuliambiwa ni joint venture na mwekezaji kwamba baada ya miaka 33 yote inageuka mali ya chuo!. Kumbe UD kinauwezo wa kuuza hiyo land?! nilishani deal ni leese kumbe ni aquisation!. Thanks to ICT at least now we know, next ni UDSM for sale!.

The land remains property of UDSM but the building can be given to a different buyer, and we don't know maybe the first developer couldn't meet those payment so instead of foreclosure, the bank ( and I believe it must be a syndication of financiers ) have to bail him out to save their money by getting a potential buyer to manage the property for those remaining years..

UDSM is still getting its cut and land rights but they can't take the bldng as yet bcoz the new owner will keep same trend of payment
Thts real estate business and its common

 

[Chimunguru]

tushapigwa bao wadau khaaaaaaa! hilo eneo la UD yaani sasa hivi litajaa vigorofa uchwara vile.duh ardhi yetu inauzwa kwa bei ndogooooo

 

[Wambandwa]

I think the 'tax holidays' are over! I'm apprehensive about the whole issue; najisikia kulia nikiangalia website ya J. Sinclair.

 

[mfianchi]

Mimi hela yangu naweja kwente sidiriaa,baada ya miaka mitano nihamishia kwenye soksiii hah hah banana republic bana kila siku yaja kwa staili mpta kama Mr Misosi kwenye wimbo wake unaosema nitoke kwa staili ipi

 

[Mtanganyika]

na mimi ndio nilitaka kuuliza hiki hiki
halafu ujenzi wa mlimani city walisema ni chini ya dola millioni kumi kipindi kile

sasa wanauza kwa dola milioni 77.....

Kaka Millioni kumi ni BV au Book Value lakini PV of the area ni 77M. Maana 67M ni Goodwill na hii ni sababu ya mambo mengi pamoja na future economic growth benefit.

I think this is a good idea kwa wajasilimali, sioni umuhimu wowote wa serikali ya Tanzania kuzuia mauzo. Nchi sio ya kijamaa, sale it.

 

[Mutensa]

Kaka Millioni kumi ni BV au Book Value lakini PV of the area ni 77M. Maana 67M ni Goodwill na hii ni sababu ya mambo mengi pamoja na future economic growth benefit.

I think this is a good idea kwa wajasilimali, sioni umuhimu wowote wa serikali ya Tanzania kuzuia mauzo. Nchi sio ya kijamaa, sale it.

Mergers, acquisition, greenfield investment and franchising are the rules of the game in international business. Therefore this acquisition is normal and should by no means scare Tanzanians. What we need to do is to go back to the drawing board and see why we should not manage such properties, labda tunasubiri mapesa yaongezeke mifukoni ndo tuwekeze, NEVER!!