NEW AFRICAN PROPERTIES LIMITED
"the Company" or "New African Properties" or "NAP"
Incorporated in the Republic of Botswana,
UIN BW00001055962
BSE share code: NAP-EQU ISIN code: BW 000 000 1049
There have been no changes to the portfolio during the year and it remains weighted towards the Botswana retail sector, with some exposure to the Namibia retail sector (3%) and Botswana industrial sector (1%). The total portfolio comprises 60 properties in Botswana and 7 properties in Namibia. The three units damaged as a result of a fire at Kasane Mall at the beginning of the financial year have been reinstated and the tenants are trading.
The strength and diversity of the tenant base is key to NAP's ability to deliver returns to investors.
Vacancies have decreased from 6.9% in 2023 to 6.7% in 2024. The Namibian portfolio vacancies have reduced year on year by 24% and represent 26% of the total portfolio vacancies at year end.
Monthly tenancies have reduced year on year by 16.9%. Just above a third of leases expiring (in terms of GLA) in the 2025 financial year are almost equally split between Mafenyatlala and the Riverwalk node. Management remains confident on the renewal of the vast majority of these leases.
