Tigere lists Zim’s first REIT on ZSE

(Last Updated On: November 30, 2022)

RYAN CHIGOCHE

 

Tigere Real Estate  Investment Trust  (Tigere REIT) yesterday made its trading debut on the Zimbabwe Stock Exchange (ZSE), becoming the country’s first ever REIT   to list on the local bourse.

The REIT is expected to enhance the property investment market through improved transparency, liquidity and compulsory dividends payouts.

Finance and Economic Development Minister, Mthuli Ncube who was the guest of honour at the event  said: “This innovation is a demonstration of confidence in the Ministry of Finance and Economic Development policies.The legislative framework has been a key driver of sustainable Real Estate projects across the  globe and provides a clear framework for the pooling of capital. My ministry remains committed to provide investors within the private sector  the tools and policies to unlock value  for the continued economic sustainable development of the country. We will continue to create  an enabling environment for capital markets and investors,’’ Ncube said.

The Securities and Exchange Commission of Zimbabwe  CEO, Anymore Taruvinga weighed in saying the government  should continue incentivising the capital markets so as to attract new players .

“Statutory Instrument 240 of 2019 has proven that when we provide incentives to capital markets  the response is quite positive, and I would like to urge you (Minister of Finance and Economic Development Mthuli Ncube)  that as we come with our requests you continue to look at them favourably. So, in my view  we need to continue providing incentives for new issuers to come on the market,’’ Taruvinga said.

He added: “As we celebrate the listing of Tigere REIT we also have to remind each other that as capital markets participants we all have a role to play for the sustainable  success of the sector. Lets continue to focus on market development that also  contributes towards the attainment of national goals.”

Terrace Africa managing director, Brett Abrahamse hailed the government for creating an enabling environment.

“We believe the REIT sector  will play a substantial role in building this  country and allow the government to achieve its objectives. Zimbabwe is rapidly  developing with changes taking place in almost every city and town on every street corner. These changes are taking place thanks to progressive policies such as the REIT legislation,’’ he said.

ZSE chairperson Caroline Sandura  said: “Despite the challenges in the macro-economic environment we are witnessing one of the best years on the ZSE.The stock market  has been promoting  the diversification of product offering.The ZSE is currently working with various REIT issuers and we look forward to it being the next source of new listing together with additional  exchange traded funds that will come onto the market,” she said.

The Tigere REIT offer, which was launched on October 28, 2022 and ended on November 25, 2022, obtained 243 647 792 subscriptions out of the 255 323 000 units on sale, or about 95, 427%, and the debut price was ZWL$28 per unit.

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