• Tigere Property Fund is set to acquire the Greenfields Retail Centre in the third quarter of 2025 (Q3 2025)
  • Recorded an 18% increase in profit after tax, rising to US$1.3 million from US$1.1 million in 2023
  • Greenfields Phase 1 trading above expectations; Phase 2 completion expected by July 2025

Harare-Tigere Property Fund, Zimbabwe’s pioneering Real Estate Investment Trust (REIT), is set to acquire the Greenfields Retail Centre in the third quarter of 2025 (Q3 2025).

This comes after the company, supported by a 100% occupancy rate, recorded an 18% increase in profit after tax, rising to US$1.3 million from US$1.1 million in 2023.

During the analyst briefing presentation company CEO Brett Abrahamse stated that the fund, which retains a pre-emptive right to purchase the property, aims to integrate Greenfields into its REIT structure as a de-risked, income-generating addition, reinforcing its strategic expansion in  the South of Samora.

‘’The fund intends to consummate this transaction in Q3 of 2025, when the asset has reached full occupancy and completion, thus facilitating de-risked inclusion in the REIT,’’ Brett said

Greenfields Phase 1 is trading above expectations, anchored by key tenants and food retailers and Phase 2 is expected to be completed by July 2025.

Its inclusion in the REIT is expected to yield a net return of 9.1%.

The decision to acquire Greenfields is  part of the company’s goals to support the fund’s ambition to exceed US$100 million in assets under management by end of full year 2026, capitalizing on the growing demand for modern retail infrastructure in urban Zimbabwe.

Tigere has already established a solid foundation with completed projects like Highland Park Phase 1 and Chinamano Corner, both maintaining 100% occupancy since the REIT’s listing on the Zimbabwe Stock Exchange in November 2022.

In July 2024, Tigere acquired Highland Park Phase 2 for US$10.82 million from Modern Touch Investments, a completed retail extension settled through new REIT units, further strengthening its revenue base with tenants like Simbisa Brands.

Currently, the fund is managing these assets to sustain their performance while pursuing a strong pipeline, including a luxury hotel, an integrated office park, and a shopping mall at Zimre Park Ruwa, Kadoma Retail and Bulawayo Retail Centre.

The company is building the new Highlands Precinct, with completion expected in Q1 2026. It is 70% pre-let with international quality tenants and includes 12 ground floor showrooms, 3,500 m² of office space, a rooftop penthouse office suite, and a restaurant or bar.

There will be a bridge connection and a US$ 17.5 million investment, including upgrades to roads, sewerage, and water connections.

Tigere aims to expand its exciting regional portfolio to offer diversified exposure to SADC and beyond.

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