Online Reporter
Business Reporter
The Tigere Property Fund (Tigere REIT) intends to acquire two income-generating real estate assets, the Greenfields Retail Centre and Phase 1 of the Zimre Park Retail Centre, for about US$25,1 million.
According to a circular published by the fund last week, the acquisitions, which require unitholder approval, will be settled entirely through the issuance of 770,5 million new Tigere REIT units.
This transaction, which follows the successful acquisition of Highland Park Phase 2, is the REIT’s second post-IPO acquisition and is intended to further its strategy of generating stable income and capital growth through quality, income-generating real estate backed by long-term, US dollar-denominated leases.
The total purchase consideration is based on the aggregate net asset value of the target properties and will be settled through the issuance of 770 500 000 units, which represents 41,8 percent of the enlarged number of units in issue post-transaction, totalling 1 841 105 000 units.
The implied issuance price per unit for the acquisition is US3,26 cents, representing a 2,536 percent premium on the fund’s Net Asset Value (NAV) per unit of US3,18c as at June 30, 2025.
The larger component of the transaction is the acquisition of the Greenfields Retail Centre on a leasehold basis.
According to the circular, the development, which started in mid-December 2024, comprises 54 tenants across approximately 14 000m² of gross lettable area (GLA) with a committed occupancy of 100 percent.
