Zimbabwe: Tigere Moves to Expand Property Portfolio

By Alois Vinga

Tigere Property Fund (Tigere REIT) has announced plans to expand its portfolio through the acquisition of two prime retail properties, the Greenfields Retail Centre and Phase 1 of the Zimre Park Retail Centre, for a combined value of approximately US$25.1 million.

The REIT said the proposed acquisitions are subject to unitholder approval and will be fully funded through the issuance of 770.5 million new Tigere REIT units.

This marks Tigere REIT's second acquisition since its initial public offering (IPO), following the successful purchase of Highland Park Phase 2. The move aligns with the fund's strategy of securing high-quality, income-generating real estate assets supported by long-term, US dollar-denominated leases, a key driver for stable returns and capital growth.

The total acquisition consideration reflects the combined net asset value (NAV) of the target properties. Upon completion, Tigere REIT's total units in issue will increase to 1.84 billion, with the newly issued units representing 41.8% of the enlarged unit base.

The implied issuance price per unit for the transaction stands at US$3.26 cents, representing a 2.536% premium over Tigere REIT's NAV per unit of US$3.18 as of June 30, 2025.

The bulk of the transaction involves the Greenfields Retail Centre, acquired on a leasehold basis. The property, whose development began in December 2024, features 54 tenants across 14,000m² of gross lettable area (GLA) and is currently fully occupied.

Tigere REIT said the acquisitions will further strengthen its portfolio of high-quality retail assets, supporting consistent returns and sustainable long-term growth for investors.

Read the original article on New Zimbabwe.

Copyright © 2025 New Zimbabwe. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.