Online Reporter
Tapiwanashe Mangwiro
Tigere Real Estate Investment Trust is accelerating the growth of its property portfolio through new projects and acquisitions, to achieve its net asset value target of US$100 million by the end of this year.
Speaking during the company’s analyst briefing for the REIT’s 2025 financial results, fund manager Tigere Property Fund director Brett Abrahamse outlined a growth strategy anchored on diversification across commercial property segments and geographic regions.
“Our targets are pretty big and they are pretty expensive,” said Mr Abrahamse.
“In 2023, we spoke about reaching US$30 million net asset value in 2024. In 2024, we spoke about reaching US$50 million in 2025. We are on track to reach US$100 million by the end of this year (2026) through the developments that Tigere REIT has already taken first rights of refusal on and taken first options on.”
The fund manager said the long-term ambition is to double the REIT’s asset base again within the next few years.
“Our target grows into 2028, where we believe we could achieve a net asset value (NAV) of US$200 million,” he said.
However, he stressed that achieving this milestone would require diversification beyond the retail assets that currently dominate the portfolio.
“But that needs to be achieved by also being diversified across different sectors,” Mr Abrahamse explained.
“We cannot be only retail-based; we need to be more commercial, we need to look at industrial assets in terms of warehousing as well as hotels and regional geographic diversification.”
Such diversification, he said, would strengthen Tigere REIT’s institutional appeal and sustain its position among the leading counters on the Zimbabwe Stock Exchange.
“That allows us to enhance our institutional recognition and maintain our position in the top 10 index, whether it is in the ZSE or within a combined top 10 index from all Zimbabwe stock markets from a capitalisation perspective,” he said.
The REIT’s 2025 acquisitions have already started delivering encouraging returns, reinforcing management’s confidence in its growth strategy.
Mr Abrahamse said the Greenfields retail development has performed above expectations since the acquisition.
“Greenfields was bought on an initial yield of 9,2 percent. At the moment, it is trading above that because of the performance we have seen since purchase,” he said.
He noted that the development is increasingly evolving into a lifestyle destination for residents.
“It is definitely becoming an attractive place on the weekends as a leisure spot and a key hub for people to hang out,” he said.
Further enhancements to the site are underway, including a new fuel station and a theme park expected later this year.
“We have the fuel station, which is coming in front of the Steers (at Greenfields) and we have the theme park, which is still on track for later this year,” he added.
Tenant performance has also exceeded expectations.
“The anchor store at Greenfields, Spur, posted record sales in December 2025 and thus far it has been in their (Franchise) top three performance stores nationwide, which is amazing for a new shop,” said Mr Abrahamse.
Another acquisition, Zimre Park, has also delivered solid returns.
“Zimre Park was traded on a slightly shorter eight percent net yield and we have received higher than expected turnovers,” he said.
Mr Abrahamse added that Tigere REIT remains committed to growing shareholder returns through consistent dividend growth.
“If you look at the forecast from a dividend per unit, we want to consistently grow it and ensure that the dividends we are paying per unit are growing,” he said.
“That should be despite any dilution that comes to unit holders through growth.”
Looking ahead, Tigere REIT has lined up several developments expected to drive asset growth and earnings momentum.
Among the most notable projects is Design Quarter, a mixed-use development under construction seven kilometres northeast of Harare, which is already attracting strong tenant demand.
“It is amazing how that leasing has gone well above where we initially anticipated it to be,” said Mr Abrahamse. “We have quality tenants that have signed up strong international covenants.”
Leasing for the development is already close to completion.
“The leasing is probably around 90 percent at the moment and it will be tied up before the middle of the year with the building opening in July this year,” he said.
Supporting infrastructure is also being developed alongside the project.
“Behind the Design Quarter, we are building a 450-car park which will be the first parking structure in the northern suburbs of this nature,” Mr Abrahamse said.
The structure will support both the new development and future buildings planned for the surrounding precinct.
In Bulawayo, the REIT is preparing to launch a new retail development at the Zimbabwe International Trade Fair (ZITF) grounds.
The project, named Fairgrounds, will capture the unique character of the city, Mr Abrahamse said.
“It’s going to be a very similar look and feel to Greenfields and really capture Bulawayo’s spirit in terms of a lot more greenery and wooden elements,” he said.
Construction is expected to begin soon, with strong pre-leasing already secured.
“It is not a big development, around 5 000 to 6 000 square metres, which we feel is perfectly suited for the market in Bulawayo,” he said.
The REIT said the Fairfields Mall has around 85 percent pre-let demand on this project. He added that the focus is on strategic initiatives to grow the balance sheet and the quality of our tenants and quality of earnings.
