eBusiness Weekly
Business Writer
Tigere Real Estate Investment Trust (REIT), has been listed on the Zimbabwe Stock Exchange and will start trading today, bringing hope of further expansion to the property sector.
Speaking at the listing ceremony, Finance and Economic Development Minister Mthuli Ncube, said this innovation (REIT) is a demonstration of confidence in his ministry’s policies as well as the Zimbabwe Government’s vision 2030, in creating a middle-income economy by growing capital markets and driving savings within the public sector.
He said the REIT legislation will further encourage growth within the real estate sector.
“This will bring new and exciting infrastructure into our cities and towns.”
The Tigere REIT is the 1st REIT to list in Zimbabwe with another one registered but yet to be listed.
Two more REITs are in the pipeline according to Securities and Exchange (SecZm) CEO, Anymore Taruvinga, while giving remarks at the listing ceremony.
Taruvinga said while the new products are coming in at a time when the market has been struggling for direction “the long-term view is that we are all pulling towards a vibrant market supported by robust institutions”.
Terrace Africa managing director, Brett Abrahamse, said the listing path “has been very worthwhile -with a key motivation knowing that it will cut a path for others looking to join us on the journey”.
“The Tigere REIT provides investors a credible and regulated structure to invest in quality commercial Real estate. And today – Over 1000 Private investors and substantially more beneficiaries through Pension funds, have collaborated in driving the real estate sector forward.”
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.
“We have always said that the listing of Tigere is just the start – we have an exciting Future Pipeline – sites that are already purchased and are ready for development. These include projects such as an International Hotel, a brand-new state of the art Conference Centre and an integrated office park.
“These new assets will provide important diversification and will benefit all unit holders.”
Another project is the development of a world-class shopping centre at the Show Grounds area, along the Harare – Bulawayo Highway.
This new project will service customers travelling along the important Samora Machel corridor outbound towards Tynwald, Kuwadzana and as far as Norton.
