Tigere fetes unitholders with quarterly dividend
BUSINESS REPORTER
Tigere Property Fund has feted unitholders with a quarterly dividend, the second payout inside two months, underlining the stellar performance of Zimbabwe’s first listed real estate investment trust (REIT).
The Tigere Property Fund REIT, which debuted on the Zimbabwe Stock Exchange last year, declared a quarterly dividend of US$219,839 for the period ended March 31. This consists of US$101,325 (0.014 United States cents per unit) and an additional ZWL$110,050,700 (ZWL$0.1529 per unit).
“Performance of the REIT assets for the period was in line with expectations and both assets have reached 100% occupancy levels. By March 2023, the portfolio had reduced its ZWL exposure to below 20% of revenue,” asset managers Terrace Africa said in an update, adding it expects increased hard currency collections “will result in a higher proportion of USD dividends payable to unitholders”.
The dividend will be payable on or about April 28 to all unitholders of the REIT registered at the close of business on April 21, 2023.
This is the second dividend to be paid by the REIT since it listed on the ZSE on November 30, 2022.
In February, the REIT paid a maiden interim dividend of US$152,577 (being 0,021 United States cents per unit) as well as an additional ZWL75,816,772 (being 10,54 Zimbabwe cents per unit) for the period ended December 31, 2022.
It said at the time it was hopeful to have reached 100% occupancy levels within the first quarter of 2023.
It has reached that target. The REIT seeded properties are Highland Park and Chinamano Corner.
The REIT said it was listing on the ZSE to attract focused and permanent capital for the promoter to develop further assets and to support the Insurance and Pensions Commission and Ministry of Finance and Economic Development in their efforts to provide liquidity and deepen the savings pool through REIT products.
It said the listing would provide retail and institutional investors quality and liquid commercial real estate investment vehicle.
Tigere Property Fund said listing on the ZSE would stimulate growth of the Zimbabwean economy through infrastructure development and job creation and help to deepen Zimbabwe’s capital markets by providing new investment vehicles, among others.
