TIGERE Real Estate Investment Trust (REIT) is accelerating the expansion of its property portfolio through new developments and acquisitions as it pushes toward its net asset value (NAV) 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 and Tigere Property Fund director Brett Abrahamse outlined a growth strategy centred on diversifying the portfolio across multiple commercial property categories and geographic markets.
“Our targets are pretty big and they are pretty expensive. 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,” said Mr Abrahamse.
The long-term ambition goes further, with the fund eyeing a doubling of its asset base within the next few years.
“Our target grows into 2028, where we believe we could achieve a NAV of US$200 million,” he said.
He stressed that reaching this milestone would require expanding beyond the retail assets that dominate the current portfolio.
“But that needs to be achieved by also being diversified across different sectors. 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 noted, would bolster Tigere REIT’s institutional appeal and solidify its place among top ranked 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.
Several of the REIT’s 2025 acquisitions are already delivering strong returns, strengthening confidence in its growth approach. Mr Abrahamse said the Greenfields retail development has exceeded 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 added that the complex is evolving into a lifestyle hub. “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.
Enhancements are underway, including a fuel station and a theme park expected later in the 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 at Greenfields has also surpassed 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 performed strongly as well.
“Zimre Park was traded on a slightly shorter eight percent net yield, and we have received higher than expected turnovers,” he said.
Mr Abrahamse reaffirmed the REIT’s commitment to maximising returns for unit holders.
“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. That should be despite any dilution that comes to unit holders through growth.”
Several development projects are lined up to drive the next phase of expansion, including Design Quarter, a mixed-use development under construction seven kilometres north-east of Harare and attracting strong tenant uptake.
“It is amazing how that leasing has gone well above where we initially anticipated it to be. We have quality tenants that have signed up strong international covenants,” Mr Abrahamse said.
Leasing is nearing 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.
A major parking structure 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 facility will support both the new development and future buildings planned for the precinct.
In Bulawayo, the REIT is preparing to launch a retail development at the Zimbabwe International Trade Fair grounds. Named Fairgrounds, the project aims to reflect the character of the city.Made in Zimbabwe branding
“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, supported by strong pre-leasing.
“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 Fairgrounds Mall has achieved approximately 85 percent pre let demand. Mr Abrahamse added that the focus remains on “strategic initiatives to grow the balance sheet and the quality of our tenants and quality of earnings.” – Herald