…..As Zim withdraws land offer
TINASHE MAKICHI
ZEP-RE has put on hold plans to construct its US$20m office complex after Zimbabwe withdrew the land it had offered to the pan African re-insurance company, Business Times can report.
The Nairobi- headquartered ZEP-RE, which operates as a composite re-insurer across Africa, had planned to inject about US$20m towards the construction of the complex in the leafy Borrowdale suburb.
ZEP-RE regional director for Southern Africa hub Jephita Gwatipedza said the re-insurance firm was now awaiting another land allocation.
“We parked that project. We were allocated land by the government around Sam Levy (Borrowdale) but the offer was withdrawn so we are waiting for another allocation but will pay for it,” Gwatipedza told Business Times this week.
Established in 1990, ZEP-RE is a regional organisation charged with the task of promoting trade, development, and integration within the Common Market for Eastern and Southern Africa (COMESA) region through trade of insurance and reinsurance business.
The firm was created by an agreement of Heads of State and Government of the COMESA region.It has been operational since 1992.
The insurance firm has strong plans to set up an office complex in Harare as it looks set to extend its tentacles in real estate.
The proposed investment by ZEP-RE comes at a time Harare’s Borrowdale area is gradually transforming into a commercial hub not only for Harare but for Zimbabwe as a whole.
With peace, comfort and flamboyance that are associated with the suburb, there is now a growing trend of an increasing number of big corporates seeking to buy or rent a property around the area.
Over the course of 2019, the Borrowdale area especially along the main Borrowdale road has immensely transformed, fast becoming a commercial hub, where all big corporations have found shelter in.
Big companies that have maintained their presence in the heart of the Central Business District (CBD) are those whose day-to-day business deals are associated with high number of traffic or customers and by virtue of their target market, must maintain presence in the CBD.
Therefore the attraction that comes with Borrowdale has also attracted the attention of ZEP-RE, hence the latest proposal to set up an office complex.
