- Acquisition Growth: Fund acquired Highland Park Phase 2, expanding its portfolio
- Strong Q3 Performance: 100% occupancy rate achieved, record turnovers at Highland Park
- Favourable Outlook: Expanded portfolio and favourable market conditions expected to drive growth in Q4
Harare- Tigere Property Fund has made a strategic move to bolster its performance in the fourth quarter of the 2024 financial year with the acquisition of Highland Park Phase 2.
This addition is expected to diversify the fund's portfolio, increase dividends for unitholders, and benefit from the upcoming festive season, which typically boosts foot traffic and turnover, especially in the food and beverage section of the mall.
The acquisition of Highland Park Phase 2 was approved by unitholders through an Extra-Ordinary General Meeting held on August 29, 2024. This strategic move, combined with the fund's proven management expertise, positions Tigere Property Fund for continued growth.
The fund's financial performance for the quarter ended September 30, 2024, reflects its operational success.
Net Property Income (NPI) grew to US$1.31 million from US$1.28 million showcasing growth in profitable property income while total comprehensive income rose to 854 413 thousand from US$804 899, with the Net Asset Value (NAV) firming to US$33.89 million from US$22.55.
These figures indicate a strong financial position and reinforce the fund's reputation as a reliable investment vehicle.
During the quarter, the Fund achieved a 100% occupancy rate for the third quarter of the 2024 financial year, mirroring the success of the same period last year.
During the month of August, the fund saw record turnovers at Highland Park Shopping Centre, with most tenants surpassing their December 2023 turnover levels.
“This was owing to school holidays and a 5-weekend month-which included the Heroes Holiday,” said the Fund.
The Fund declared an interim dividend of US$372,112 (0.03476 US cents per unit) for the period ended September 30, 2024, payable on November 8, 2024 demonstrating the fund's commitment to delivering value to its unitholders.
Looking ahead, Tigere Property Fund is well-positioned for a strong Q4, driven by its expanded portfolio and favorable market conditions. The acquisition of Highland Park Phase 2 is expected to yield increased returns for unitholders. As the fund navigates the remainder of FY2024, investors and stakeholders can expect continued growth and performance from this established property investment fund.
Therefore, Tigere Property Fund's strategic acquisition and operational excellence position it for sustained success. The fund's ability to generate consistent income and distribute it to stakeholders reinforces its reputation as a reliable investment vehicle. With its expanded portfolio and favorable market conditions, Tigere Property Fund is poised for continued growth and performance.
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