Business Reporter
TIGERE Property Fund intends to raise US$57,7 million to fund the acquisition of three commercial properties through the issuance of 1,73 billion new units, the company said.
The proposed acquisition, subject to unitholder approval at an Extraordinary General Meeting on November 25, 2026, involves 100 percent freehold interests in Design Quarter and Cardinals Corner in Harare, alongside Kadoma Retail Phase 1.
The new units will be issued at an implied price of US3,3326 cents per unit—a 3 percent premium to the fund’s latest Net Asset Value (NAV) per unit—and will constitute 48,1 percent of the enlarged unit capital.
“The proposed transaction primarily serves as a mechanism to grow the portfolio and stabilise unitholder value,” REIT manager, Terrace Africa Asset Management, said in a circular to unitholders.
The portfolio additions comprise Design Quarter, a five-storey mixed-use office and showroom complex in Highlands, Harare, valued at US$27,4 million.
Spanning 5,835 square meters of gross lettable area, it features tenants such as ZIMOCO, Emirates and Natuzzi Editions.
Cardinals Corner is a 5 397-square-meter retail convenience centre at the intersection of ED Mnangagwa Road and Harare Drive, valued at US$22,8 million.
The fully occupied site is anchored by Spar and CFAO Mobility.
Kadoma Retail Phase 1 is a 1 461-square-meter highway retail node at the former Dairibord cheese factory site, valued at US$5,7 million.
The 100 percent committed phase features Puma Energy and a Chicken Inn Drive-Thru.
“The acquisitions are expected to enhance the NAV per unit growth of Tigere REIT, thereby achieving greater economies of scale and capital appreciation driven by fundamental growth in the value of the REIT’s units,” the asset manager said.
