Tigere declares maiden dividend just three months after IPO
PHILLIMON MHLANGA
Properties company, Tigere Property Fund, has rewarded its real estate investment trust (REIT) unit holders with a maiden dividend of US$152 577, just three months after its initial public offering (IPO).
Tigere listed on the Zimbabwe Stock Exchange on November 30, 2022.
In a statement, Brett Abrahamse from Terrace Africa Asset Management said payout would be paid on February 24, 2023 to all unitholders on the register by February 17, 2023.
“We have seen exceptional turnovers from our retail and food related tenants. Performance of the portfolio was in line with expectations and our assets will reach 100% occupancy levels within Q1 of 2023. The key characteristic of a REIT distributing regular income is now a reality in Zimbabwe,” Abrahamse said.
The Tigere REIT currently comprises two commercial real estate assets, namely Highlands Park Shopping Centre and Chinamano Corner.
Unit holders in the Tigere REIT will also have access to a property development pipeline, which comprises a luxury hotel and integrated office park as well as a shopping mall at the Showgrounds in Harare.
“The portfolio is collecting a substantial amount of its revenues in US$ which further drives the value proposition to our investors. We are very excited about Tigere REIT’s prospects for 2023 and look forward to delivering on our mandate to investors,” Abrahamse said.
