Botswana
LLR is a variable loan stock company listed on the Botswana Stock Exchange on 15 June 2011 and has a market capitalisation of BWP504 million (approx. US$46 million). It is a key player in the real estate market in Botswana and owns 20 properties, the majority of which are located in the greater Gaborone area. Grit acquired a 30% share in November 2019.
LLR enables Grit to enter the Botswana property market with sufficient scale and corporate infrastructure to develop a leading property portfolio in the country and the wider region.
The LLR acquisition represents further exposure to investment grade Africa and an increased weighting in the industrial sector for Grit.
The distribution facility comprises pharmaceutical pallet locations, as well as consumer and cold-chain pallet locations and was originally custom-developed for Imperial Health Sciences.
Property Details
Letlole La Rona
Loan Stock Company
Industrial (61.5%)
Retail (25.0%)
Office (6.3%)
Residential (6.2%)
Land (1.0%)
| Asset Name | Location | Ownership | Anchor Tenant(s) | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (as at 31 Dec 2022) |
| Plot 14398 | Gaborone | 30% | Sefalana Cash & Carry Limited | 5 450 | 0% | 5% | 3,40 years | 3,25 years | US$14. 9 million** |
| Plot 14453 | Gaborone | 30% | Multi Tenanted | 2 170 | 0% | 6% | 2,73 years | 2,74 years | US$14. 9 million** |
| Plot 14454 | Gaborone | 30% | Multi Tenanted | 2 170 | 0% | 5% | 2,26 years | 2,15 years | US$14. 9 million** |
| Plot 14455 | Gaborone | 30% | Locally Tenanted | 952 | 0% | 2% | 4,75 years | 4,75 years | US$14. 9 million** |
| Plot 14457 | Gaborone | 30% | Multi Tenanted | 1 800 | 0% | 6% | 2,48 years | 2,57 years | US$14. 9 million** |
| Plot 14458 | Gaborone | 30% | Multi Tenanted | 1 800 | 0% | 5% | 3,29 years | 3,32 years | US$14. 9 million** |
| Plot 14459 | Gaborone | 30% | Multi Tenanted | 1 800 | 0% | 6% | 3,58 years | 3,60 years | US$14. 9 million** |
| Plot 14460 | Gaborone | 30% | Multi Tenanted | 1 800 | 0% | 6% | 3,01 years | 3,07 years | US$14. 9 million** |
| Plot 22033 | Gaborone | 30% | Metrofile Records and Information Systems | 3 889 | 0% | 0% | 3,25 years | 3,25 years | US$14. 9 million** |
| Plot 22038 | Gaborone | 30% | Lactalis Botswana (Pty) Ltd, SDM Holdings, The United States of America | 7946,25 | 6% | 5% | 2,33 years | 2,32 years | US$14. 9 million** |
| Plot 28911 | Gaborone | 30% | Multi Tenanted | 19 858 | 0% | 5% | 2,64 years | 2,57 years | US$14. 9 million** |
| Plot 32084 | Gaborone | 30% | Kromberg & Schubert Botswana | 22 091 | 0% | 6% | 2,00 years | 2,00 years | US$14. 9 million** |
| Plot 54233 | Gaborone | 30% | Global Holdings | 40 313 | 0% | 5% | 2,21 years | 2,10 years | US$14. 9 million** |
| Plot 64260 | Gaborone | 30% | Multi Tenanted | 4 441 | 22% | 5% | 2,34 years | 2,29 years | US$14. 9 million** |
| Plot 6371 Lobatse/6369-6372 | Gaborone | 30% | Multi Tenanted | 4 810 | 0% | 8% | 3,41 years | 3,48 years | US$14. 9 million** |
| Plot 69365 | Gaborone | 30% | Multi Tenanted | 8 882 | 0% | 6% | 1,00 years | ,99 years | US$14. 9 million** |
| Plot 69368 | Gaborone | 30% | Multi Tenanted | 8 315 | 0% | 5% | ,80 years | ,79 years | US$14. 9 million** |
| Plot 69369 | Gaborone | 30% | Multi Tenanted | 4 000 | 0% | 5% | 3,77 years | 3,72 years | US$14. 9 million** |
| Plot 22047 Gaborone West Industrial | Gaborone | 30% | Multi Tenanted | 4 100 | 0% | 5% | 2,84 years | 2,84 years | US$14. 9 million** |
| Plot 54060 Phakalane | Gaborone | 30% | Speedspace Botswana (PTY) LTD | 21 622 | 7% | 4% | 1,55 years | 3,72 years | US$14. 9 million** |
| Asset Name | Location | Ownership | Anchor Tenant(s) | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (as at 31 Dec 2022) |
| Plot 4738 | Gaborone | 30% | Choppies | 3 994 | 0% | 5% | 3,74 years | 3,68 years | US$14. 9 million** |
| Plot 29052 Watershed Piazza | Gaborone | 30% | Shoprite, Choppies | 11 324 | 0% | 4% | 3,43 years | 3,06 years | US$14. 9 million** |
| Asset Name | Location | Ownership | Anchor Tenant(s) | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (as at 31 Dec 2022) |
| Plot 50380 Moedi | Gaborone | 30% | The Government of the Republic of Botswana | 5 325 | 0% | 5% | 3,92 years | 3,92 years | US$14. 9 million** |
| Asset Name | Location | Ownership | Anchor Tenant(s) | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (as at 31 Dec 2022) |
| Plot 2989 Gaborone Red Square | Gaborone | 30% | Multi Tenanted | 6 303 | 2.52% | 4% | ,95 years | ,92 years | US$14. 9 million** |
| Asset Name | Location | Ownership | Anchor Tenant(s) | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (as at 31 Dec 2022) |
| Plot 276 Bosela | Gaborone | 30% | – | – | 0% | 0% | ,00 years | ,00 years | US$14. 9 million** |
**Total value of LLR assets part-owned by Grit
| Asset Name | Location | Ownership | Anchor Tenant(s) | No. of Tenants | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (31 Dec 2019) |
| Plot 9787 | Gaborone | 30% | Multi Tenanted | 3 | 4 000 | 25.0% | 6% | 1.66 | 1.66 | US$0.21 million |
| Plot 14398 | Gaborone | 30% | Sefalana Cash & Carry Limited | 4 | 5 450 | 0% | 9% | 4.27 | 4.12 | US$0.74 million |
| Plot 14453 | Gaborone | 30% | Multi Tenanted | 2 | 2 170 | 0% | 10% | 1.54 | 1.50 | US$0.32 million |
| Plot 14454 | Gaborone | 30% | Multi Tenanted | 2 | 2 170 | 0% | 9% | 3.26 | 3.16 | US$0.31 million |
| Plot 14455 | Gaborone | 30% | Locally Tenanted | 1 | 2 170 | 56.13% | 4% | 4.16 | 4.16 | US$0.29 million |
| Plot 14457 | Gaborone | 30% | Multi Tenanted | 2 | 1 800 | 0% | 9% | 3.48 | 3.57 | US$0.26 million |
| Plot 14458 | Gaborone | 30% | Multi Tenanted | 2 | 1 800 | 0% | 9% | 0.52 | 0.61 | US$0.23 million |
| Plot 14459 | Gaborone | 30% | Multi Tenanted | 2 | 1 800 | 0% | 4% | 2.50 | 2.42 | US$0.24 million |
| Plot 14460 | Gaborone | 30% | Multi Tenanted | 2 | 1 800 | 0% | 9% | 4.01 | 4.05 | US$0.25 million |
| Plot 22033 | Gaborone | 30% | Metrofile Records and Information Systems | 3 | 3891 | 0% | 9% | 4.25 | 4.22 | US$0.81 million |
| Plot 22038 | Gaborone | 30% | SDM Holdings, The United States of America | 7 | 8 000 | 12.5% | 9% | 1.47 | 1.40 | US$0.95 million |
| Plot 28911 | Gaborone | 30% | Multi Tenanted | 16 | 19 858 | 2.69% | 10% | 1.45 | 1.43 | US$2.44 million |
| Plot 32084 | Gaborone | 30% | Kromberg & Schubert Botswana | 1 | 22 091 | 0% | 10% | 3 | 3 | US$2.70 million |
| Plot 54233 | Gaborone | 30% | Global Holdings | 3 | 40 313 | 0% | 9% | 3.58 | 3.55 | US$3.34 million |
| Plot 64260 | Gaborone | 30% | Multi Tenanted | 7 | 4 441 | 15.9% | 8% | 1.54 | 1.50 | US$0.87 million |
| Plot 14398 | Gaborone | 30% | Sefalana Cash & Carry Limited | 4 | 5 450 | 0% | 9% | 4.27 | 4.12 | US$0.74 million |
| Plot 6371 Lobatse | Gaborone | 30% | Multi Tenanted | 2 | 4 810 | 62.49% | 5% | 1.09 | 1.07 | US$0.19 million |
| Plot 69365 | Gaborone | 30% | Multi Tenanted | 4 | 8 882 | 0% | 9% | 1.56 | 1.56 | US$1.26 million |
| Plot 69368 | Gaborone | 30% | Multi Tenanted | 4 | 8 316 | 0.01% | 8% | 1.37 | 1.28 | US$1.20 million |
| Plot 69369 | Gaborone | 30% | Multi Tenanted | 4 | 4 000 | 0% | 7% | 1.69 | 1.68 | US$0.76 million |
| Plot 22047 | Gaborone | 130% | Multi Tenanted | 3 | 4 100 | 0% | 8% | 3.84 | 3.84 | US$0.86 million |
| Plot 54060 | Gaborone | 230% | Speedspace Botswana (PTY) LTD | 1 | 3 996 | 0.03% | 3% | 0.00 | – | US$0.80 million |
| Asset Name | Location | Ownership | Anchor Tenant(s) | No. of Tenants | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (31 Dec 2019) |
| Plot 4738 | Gaborone | 30% | Choppies | 4 | 3 994 | 0% | 9% | 3.87 | 3.14 | US$1.3 million |
| Plot 29052 Watershed Piazza | Gaborone | 30% | Shoprite, Choppies | 39 | 11 324 | 0.2% | 7% | 3.96 | 3.50 | US$4.05 million |
| Asset Name | Location | Ownership | Anchor Tenant(s) | No. of Tenants | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (31 Dec 2019) |
| Plot 50380 Moedi House | Gaborone | 30% | The Government of the Republic of Botswana | 1 | 5 325 | 0% | 10% | 0.00 | – | US$1.43 million |
| Asset Name | Location | Ownership | Anchor Tenant(s) | No. of Tenants | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (31 Dec 2019) |
| Plot 2989 Red Square | Gaborone | 30% | Multi Tenanted | 41 | 6 303 | 2.52% | 8% | 0.84 | 0.76 | US$1.33 million |
| Asset Name | Location | Ownership | Anchor Tenant(s) | No. of Tenants | GLA (m²) | EPRA Vacancy | EPRA NIY | WALE – GLA | WALE – Income | Valuation (31 Dec 2019) |
| Plot 276 Bosela Hotel | Gaborone | 30% | – | 0 | 2 800 | 100% | 0% | 0 | – | US$0.21 million |
