Absa, Prime Time renew Absa House lease agreement

Top lender, Absa Bank Botswana and Prime Time Property Holdings Limited have renewed their lease agreement for Absa House located in Gaborone’s Central Business District, the property giant revealed recently.

The renewal, described by Prime Time Director Mmoloki Turnie Morolong as a “renewal of business vows,” marks the continuation of a decade-long relationship between the two companies.

The agreement reaffirms Absa’s continued occupancy of the 5,436-square-meter property, which has served as the bank’s head office since 2014. The building, fully occupied by Absa, features world-class facilities tailored to the bank’s operational needs.

Speaking during the lease-signing ceremony on Wednesday, Absa Bank Botswana Chief Operating Officer Krishnan Menon said the agreement symbolised more than just a commercial arrangement.

“It is an affirmation of our shared values and the continuation of a strong and purposeful partnership, which is a symbol of our joint commitment to building resilience and sustainable growth in this market,” he said.

“At Absa, we believe in building environments that support performance, innovation and community impact, and this building has enabled us to do just that and even more. This is not just four walls and a roof to us, this is home,” he said.

Menon said the renewed lease positions the bank for a new phase of growth, anchored in stability, aligned with environmental, social and governance (ESG) goals, and driven by a long-term vision.

Morolong echoed these sentiments, emphasizing Prime Time’s commitment to sustainability. “In partnership with Absa, we are in the process of obtaining a green building rating for this Absa House, which we believe will be an easy thing to achieve because this building was designed with green features in mind.”

The building includes several environmentally friendly features, such as a north-south orientation to optimize energy efficiency, waterless urinals, and an eco-friendly VRV air conditioning system that reduces greenhouse gas emissions.

Reflecting on the company’s growth, Morolong praised Absa for its longstanding partnership.

“Prime Time is a listed entity in the Botswana Stock Exchange (BSE), having listed in December 2007. At listing, we had a portfolio value of P224 million and as of now, we are sitting at a portfolio value of P1.8 billion,” he said.

Highlighting the company’s operations, he added, “We have a diversified portfolio in the office, retail and industrial sectors, operating in three jurisdictions, Botswana, South Africa and Zambia.”

He also underlined Absa’s importance to Prime Time’s success.

“Absa Bank Botswana is one of our valuable founding partners, part of the tenant base at listing when they were still Barclays Bank, and we continue to accommodate them throughout Botswana and Zambia.”