Sector
VALUE BWPm
share by value
% Rent
Retail Trading
498.5
30.4%
Hospitality
469.9
20.2%
Retail Shopping Centres — Botswana
382.5
26.5%
Residential
138.8
5.7%
Retail Shopping Centre — South Africa
138.8
12.1%
Commercial
109.2
5.0%
Total
1,737.7
100%
Commercial
87%
Hospitality
100%
Residential
94%
Retail Shopping Centre (BW)
100%
Retail Shopping Centre (SA)
100%
Retail Trading
98%
TOTAL PORTFOLIO
98%
52.6%
47.4%
Location
% of portfolio
59.8%
18.4%
8%
5.5%
4.6%
3.7%
Grade A and B office and mixed-use commercial properties in prime CBD and suburban locations. 6.3% of portfolio by value (5.0% by rental income), BWP 109.2 million. Anchored by the landmark iTowers North & South precinct in Gaborone’s CBD, Botswana’s tallest building.
Commercial income is generated from 22 tenancies, of which 77% is from external tenants. The largest single commercial tenant is the Ministry of Foreign Affairs (Plot 764/5, Main Mall), a Grade A government counterparty. Other external tenants include Mascom Wireless, Opticals Botswana and a range of commercial occupiers in Maun.
Market value
BWP 109.2m
Share by value
6.3%
Share by rental income
5.0%
Occupancy
87%
Tennancies
22
Externally tenanted
77%
Six hotel and restaurant assets independently valued at BWP 469.90 million — 27.0% of portfolio by value (20.2% by rental income), 100% internally tenanted by ODE’s hospitality operating entities on long-term leases with 5% annual escalation.
The vertical spans Travelodge Gaborone and Kasane, Room50Two in the CBD, Kalahari Arms in Ghanzi, the Oasis Motel in Tlokweng and Table50Two restaurant — 402 keys plus 75 motel rooms in total.
Commercial income is generated from 22 tenancies, of which 77% is from external tenants. The largest single commercial tenant is the Ministry of Foreign Affairs (Plot 764/5, Main Mall), a Grade A government counterparty. Other external tenants include Mascom Wireless, Opticals Botswana and a range of commercial occupiers in Maun.
Market value
BWP 469.9m
Share by value
27.0%
Share by rental income
20.2%
Occupancy
100%
Assets
6
Lease escalation
5% p/a
Apartments and townhouse developments targeting middle- and upper-income markets — 8.0% of portfolio by value (5.7% by rental income), BWP 138.8 million, 86% externally tenanted. Income is generated by around 100 tenants across Gaborone, Maun, Ghanzi and Mahalapye.
Grade A tenants — including the Embassy of Angola, the British High Commission and First Capital Bank — contribute 28% of residential income. Demand is supported by urbanisation and housing-supply constraints in established residential areas.
Market value
BWP 138.8m
Share by value
8%
Share by rental income
5.7%
Occupancy
94%
Tenants
~100
Externally tenanted
86%
Nine Botswana shopping centres (22.0% of portfolio by value; 26.5% by rental income) plus a prime South African mall — combined value of BWP 521.3 million, predominantly externally tenanted.
Botswana centres generate income from 120 tenancies, 89% from external tenants. National anchors include Choppies/SPAR, PEP, Hungry Lion, Vivo Energy, Standard Chartered and Stanbic.
Market value (combined)
BWP 521.3m
Share by value (BW)
22.0%
Share by rental income (BW)
26.5%
Occupancy
100%
Tenancies
120
Externally tenanted
89%
The Trans Africa cash-and-carry network — the portfolio’s largest segment at 28.7% by value (30.4% by rental income), BWP 498.5 million — and Botswana’s most geographically extensive FMCG wholesale footprint, operating across more than 25 towns and cities.
Leases run on 10-year terms to October 2032 with stepped 4%/6% escalations. As an anchor tenant selling non-discretionary essential goods under formalised long-term leases, Trans Africa has an exemplary payment record and effectively zero vacancy risk for the lease term.
Market value
BWP 498.5m
Share by value
28.70%
Share by rental income
30.4%
Occupancy
98%
Lease expiry
Oct 2032
Towns covered
25+
Trans Shopping Mall in Rustenburg is Allied’s single South African asset and the portfolio’s highest-yielding property at approximately 13% — 8.0% of portfolio by value and 12.1% by rental income, with a 100% external tenant base.
The asset gives the portfolio hard-currency-adjacent diversification outside Botswana while retaining the same national-anchor retail model that underpins the Botswana centres.
Share by value
8.0%
Share by rental income
12.1%
Gross yield
~13%
Occupancy
100%
Externally tenanted
100%
Assets
1
Allied Investments is undertaking a pre-listing reorganisation ahead of a proposed listing of linked units on the Domestic Main Board of the Botswana Stock Exchange.