TIGERE Property Fund says its Highland Park Phase 1 and Chinamano Corner maintained 100% occupancy in the second half of the financial year 2023, with the Real Estate Investment Trust (REIT) now holding a pre-emptive right to acquire the second phase of Highland Park, NewsDay Business can report.
A pre-emptive right gives existing shareholders in a corporation the right to purchase newly-issued stock before it is offered to others and is meant to protect current shareholders from dilution in value or control.
Highland Park Phase 2 officially opened for trading in December 2023, and it was well received by consumers, evidenced by the increased foot traffic and turnovers across all tenants, Tigere said.
In a statement accompanying the financial results for the year ended December 31, 2023, Tigere said demand for space at Phase 2 was high.
“Highland Park Phase 1 and Chinamano Corner maintained 100% occupancy in the second half of the year and all tenants have swiftly met their operational mandates to date,” the statement read in part.
“Phase 2 has provided further boost to Phase 1 tenants and as it stands, there is an extensive waiting list of tenants for the available spaces. The Tigere REIT holds a pre-emptive right to acquire Phase 2, details of which will be made available in due course.”
Tigere, which foresees a difficult upcoming operating environment characterised by varied exchange rate movements and new monetary policy measures, said the REIT saw an increase in US dollar receipts as the reporting period progressed- as Zimdollar liquidity tightened in the market.
It indicated that the reduction in gold deliveries will further add to economic pressures.
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“The outward migration of businesses from the central business district to the suburbs has resulted in an uptick in suburban property values,” it said.
“Additionally, the ever-growing need for a proven inflation-hedge in the face of currency instability has seen investors continue to invest in the real estate sector in search of value preservation.
“The pace of new developments around the country has increased substantially with a key focus on cluster housing, corporate offices, student accommodation and shopping centres in attractive locations.”
Tigere REIT was incorporated in Zimbabwe in 2022 and was listed on the Zimbabwe Stock Exchange on November 30, 2022.
