ZHL injects US$9,3 million into its REIT

13 May, 2024 - 15:05 0 Views
ZHL injects US$9,3 million into its REIT CEO Stanley Kudenga

eBusiness Weekly

Business Writer

Zimre Holdings (ZHL) says it injected US$9,3 million into the Eagle Real Estate Investment Trust (REIT) to carry out different infrastructure projects.

Group chief executive, Stanley Kudenga, told analysts last week that one of the REIT project in Mazowe is already at 30 percent completion while in Victoria Falls land was successfully acquired.

“The project in Mazowe is being undertaken under a phased approach and to date we have covered about 30 percent of the project,” he said.

In Mazowe, the group is building various structures which Kudenga said will change the complexion of the landscape of the area.

There will be trade centers, healthcare facilities, retail facilities among other developments.

Kudenga also noted that US$1,1 million was injected into its project in Selbourne in Bulawayo.

The Eagle REIT has since been awarded Prescribed Asset status.

Kudenga said ZHL has shifted its focus to the development of national landmark projects and infrastructure.

Additionally, the ZHL group wants to strengthen its underwriting capabilities and bolster its regional investments.

ZHL chairman, Desmond Matete, in the group’s 2023 financials said the property portfolio will tilt towards high yielding commercial and retail sectors through near liquid investment structures. 

“It is anticipated that the Eagle REIT will bring much needed liquidity to the real estate market especially for Zimbabwe’s pensions community,” he said.

ZHL is a diversified investment holding company with sustainable core competencies in insurance and property with investments and operations located in Zimbabwe and the Southern African region. 

Matete said the group will continue to consolidate on its experience and dynamism to enhance market share acquisition through innovations and new tools that embrace customer centric ecosystems that will create new value and change for its stakeholders.

“This will be buttressed by significant investment in technology platforms that enhance customer interface with our business and an enduring experience engendering long term customer loyalty,” he said.

During the year under review, the group’s profit increased by 321 percent from $72,4 billion to $304,9 billion in inflation adjusted terms and a 767 percent growth under historical cost terms, soaring to $528,1 billion.

Matete said across all key lines of business, including reinsurance and reassurance, short term insurance, life and pensions, real estate and wealth management, the business witnessed exceptional profitability in real terms throughout the year 2023.

He noted that that the group is in a strong financial position with real growth in total assets and cash generation.

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