Tigere REIT open Zimbabwe IPO

Tigere Real Estate Investment Trust (REIT) has made history by becoming one of the first REITs to list on the Zimbabwe Stock Exchange in a long time. The company, looking to bolster the country's commercial property sector, opened its IPO window to investors, marking a significant milestone in Zimbabwe's capital markets. Brett Abrahamse, Director of Tigere REIT and Terrace Africa, shared insights on the exciting development in an exclusive interview with CNBC Africa. Abrahamse revealed that the IPO was announced at $28 Zim dollars, with the actual listing scheduled for a few weeks later. Investor appetite has surpassed expectations, with strong interest from convertible debenture holders looking to convert into the REIT. Tigere REIT's initial focus is on retail properties, with plans to explore office, logistics, and mixed-use assets in the future. The company's investment case is built on high-quality, high-yielding dividends, and a promising property portfolio with potential for capital growth. The move to list on the local exchange was a strategic decision to raise capital within Zimbabwe, with future considerations for the Vic Falls Stock Exchange. Abrahamse believes that the REIT legislation in Zimbabwe incentivizes private investors to drive economic growth by creating new developments. The debut of Tigere REIT on the ZSE signifies a positive step for Zimbabwe's capital markets, offering a vehicle to attract foreign investments and stimulate economic development. With a robust pipeline of projects and a commitment to quality and growth, Tigere REIT is poised to make a significant impact on Zimbabwe's real estate landscape.