BUSINESS REPORTER
Tigere Property Fund says it will complete the construction of Highland Park Phase 2 before year-end.
The development was disclosed by Brett Abrahamse from Terrace Africa Asset Management in a statement accompanying the financial results of Tigere for the six months to June 30, 2023.
According to Tigere, the first Real Estate Investment Trust (REIT) to list on the Zimbabwe Stock Exchange, there is a strong waiting list of tenants to take up available space on its assets.
“ Significant construction progress is being made on Highland Park Phase 2 and the project is expected to be completed in Q4 2023. The Tigere REIT holds a pre-emptive right to acquire Phase 2 on completion,” Abrahamse said.
He indicated that the two properties under Tigere REIT, Highland Park and Chinamano Corner, have experienced increased traffic in the six months to June 30, 2023.8.7
Huge companies, Abrahamse said were scrambling to get a place at Tigere properties due to the elegant nature of its places.
“Highland Park and Chinamano Corner have experienced increased customer traffic during the period under review. New tenants, among them restaurants, have opened for trade underpinning the strong performance of the two assets,” Abrahamse said.
The surrounding areas continue to benefit from having high quality retail shopping experiences.
“Occupancy reached 100% during the period under review due to an upsurge in demand for space at our assets,” Abrahamse said.
Zimbabwe’s economy experienced considerable inflationary pressures during the first six months of 2023 and inflation was a result of the continued decline of the Zimbabwe dollar against the United States dollar.
However, the economic measures implemented by the monetary and fiscal authorities, have managed to stabilise forex rates.
He said the operating environment is not conducive for the property sector to grow but steps to improve the regulatory environment for the property market are being taken by industry and the government, which will make it easier for all investors to participate.
However, the listing of the REIT has provided retail and institutional investors quality and liquid commercial real estate investment vehicles.
