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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
In a statement accompanying the financial results for the year ended December 31, 2023, Tigere said demand for space at Phase 2 was high.<\/p>\n
\u201cHighland 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,\u201d the statement read in part.<\/p>\n
\u201cPhase 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.\u201d<\/p>\n
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.<\/p>\n
It indicated that the reduction in gold deliveries will further add to economic pressures.<\/p>\n
\u201cThe outward migration of businesses from the central business district to the suburbs has resulted in an uptick in suburban property values,\u201d it said.<\/p>\n
\u201cAdditionally, 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.<\/p>\n
\u201cThe 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.\u201d<\/p>\n
Tigere REIT was incorporated in Zimbabwe in 2022 and was listed on the Zimbabwe Stock Exchange on November 30, 2022.
\nhttps:\/\/www.newsday.co.zw\/business\/article\/200024827\/tigere-property-fund-reports-100-occupancy<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":2858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-updates"],"_links":{"self":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2857"}],"version-history":[{"count":1,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2857\/revisions"}],"predecessor-version":[{"id":2859,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2857\/revisions\/2859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/media\/2858"}],"wp:attachment":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}