Botswana Stock Exchange listed PrimeTime has announced the expansion of its Munali Mall in Lusaka, Zambia, reinforcing its strategy of growing high-quality, sustainable income and investing in necessity-driven retail assets.
Munali Mall, developed in 2018 and anchored by Shoprite, has become a go-to convenience retail destination, supported by improved access through the expansion of Munali Road, strong residential growth in surrounding areas and sustained consumer demand. Discussions with Shoprite since the mall’s opening have culminated in the approved expansion of the anchor store and wider Centre.
The expansion will add 647 m 2 of gross lettable area, increasing the mall’s total GLA to 6,744 m 2 and expanding the Shoprite footprint to 2,141 m 2 . The upgraded store will offer a broader product range, including enhanced fresh and deli offerings, improving convenience and choice for shoppers. The total project cost is estimated at approximately US$980,678 (c.BWP13.4 million) for a fully fitted store, with the expansion expected to deliver a net yield of 10.73% in US dollar-denominated terms, increasing PrimeTime’s exposure to high-quality, diversified earnings and supporting more stable income streams for Botswana-based investors.
Commenting on the expansion, PrimeTime Independent Chairman, Mr Paul Masie, said the investment is both financially and strategically aligned:
“The net yield of 10.73% is value accretive for PrimeTime shareholders, and increases the Group’s US dollar earnings, which remain an important component of portfolio resilience.
“At the same time, the project supports continued investment into Zambia, contributing to job creation and a wider choice of products and quality for local communities.”
For Botswana investors, the expansion strengthens exposure to high-quality, diversified income streams at a time when currency volatility remains a key consideration. The investment also deepens the Group’s allocation to food-led retail, a segment characterised by consistent, non-discretionary consumer demand.
In Zambia, the project represents ongoing foreign direct investment into urban retail infrastructure. The expansion is expected to support employment during construction and operations, while increasing opportunities for local suppliers and service providers linked to the centre and its anchor tenant.
Munali Mall continues to benefit from increasing footfall driven by residential growth to the north of the centre. The expanded Shoprite offering is expected to further strengthen the mall’s position as a primary convenience retail hub, supporting trading performance across the tenant base. The expansion will be delivered by Time Projects Property Zambia, a Lusaka-based development, project, and property management firm with more than a decade of experience across Zambia and the region. The firm has a strong track record in office, retail and industrial developments. PrimeTime has previously partnered with Time Zambia on developments including Chirundu Mall and Munali Mall.
The investment forms part of PrimeTime’s broader strategy of enhancing high-quality, income- generating assets while increasing exposure to dominant retail tenants and high-quality, diversified earnings.
