eBusiness Weekly
Enacy Mapakame
Investors on the Zimbabwe Stock Exchange (ZSE) scrambled for the Tigere Property Fund’s shares with its initial public offering (IPO) almost fully subscribed.
The Tigere REIT offer was announced on Friday 28th October 2022 and closed on Friday 25th November 2022.
According to the results of the IPO, the REIT units on offer were 255 323 000 while REIT subscription received amounted to 243 647 792, translating to a level of subscription of 95 percent.
Tigere REIT will be the first Real Estate Investment Trust (REIT) to list on the ZSE, this Wednesday, November the 30th.
“The Tigere REIT units shall be listed on Wednesday the 30th of November 2022, and will commence trading, on the Zimbabwe Stock Exchange (“ZSE”) on Thursday 1st December 2022. The REIT Manager would like to thank the investing public for its tremendous support of the Tigere REIT IPO and we are excited to share in this profitable journey with you,” said Tigere in a notice to stakeholders.
With a portfolio comprising two modern properties – Highland Park and Chinamano Corner, the Tigere REIT is a brainchild of Terrace Africa, which is also credited for the development of Village Walk in Borrowdale.
The REIT is expected to have more properties on its portfolio as the property developer has indicated it has a solid project pipeline to commence before year end across the country as the group contributes towards the transformation of Zimbabwe’s real estate sector.
In an earlier interview, Terrace Africa managing director, Brett Abrahamse, said the group is targeting mainly retail and commercial segments.
This comes as there is strong demand for retail space both in the central business district (CBD) and suburban space driven mainly by the budding small to medium enterprises (SMEs). Bigger retail groups and premium brands are skewed towards shopping centres in suburban areas while office parks are preferred by businesses.
One of the projects is the development of a world class shopping centre at the Show Grounds area, along the Harare – Bulawayo Highway.
Abrahamse said opportunities were vast for retail and commercial segments and the Showgrounds project will boast world class facilities.
