Tigere Property Fund reports 100% occupancy

According to TIGERE Property Fund, its Chinamano Corner and Highland Park Phase 1 properties remained 100% occupied in the second half of the 2023 fiscal year. NewsDay Business can report that the Real Estate Investment Trust (REIT) currently has the prerogative right to purchase the second phase of Highland Park. Pre-emptive rights, which shield present shareholders from dilution in value or control, grant existing shareholders of a firm the right to buy newly-issued stock before it is made available to other parties.

The increased foot traffic and tenant turnovers across the board indicate that Highland Park Phase 2 was warmly received by the public when it formally opened for business in December 2023, according to Tigere. Tigere stated that there was a high demand for space at Phase 2 in a statement that was included with the financial results for the year that ended December 31, 2023. A portion of the announcement said, "Chinamano Corner and Highland Park Phase 1 maintained 100% occupancy in the second half of the year and all tenants have swiftly met their operational mandates to date."

“Phase 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.”

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.

It indicated that the reduction in gold deliveries will further add to economic pressures.