Exodus & Company secures US$141m Afrex deal to meet demand for industrial property

Exodus & Co seeks expansion beyond Madokero property

Property developer Exodus & Company has secured a US$141 million facility from Afreximbank to develop land for industrial and residential projects.

The company, which has developed the Madokero industrial park in Harare, signed the deal on Saturday at the Intra-African Trade Fair (IATF2023) currently running in Egypt.

The facility, which is for seven years, will be used to support manufacturing by enabling Exodus to acquire and develop land for industrial and residential purposes, a statement released after the signing said.

“This strategic partnership with Afreximbank represents a significant milestone for Exodus & Co, confidence and support by several stakeholders in the firm’s commitment to delivering high-quality – and impact – infrastructural projects, which can contribute to the socio-economic development of Africa,” Exodus CEO Progress Mambo said.

Company chairman Exodus Makumbe said: “As we swiftly move to formalise and conclude this ground-breaking agreement, we will ensure the successful deployment of resources to expanding our projects and also contribute to the broader economic progression, and prosperity of the African continent.”

Zimbabwean property companies say there is demand for industrial space, especially for small manufacturers and warehousing. This is in contrast to declining earnings from more traditional property investments such as office space in central Harare.

A report by Knight Frank earlier this year said “in the industrial sector, demand remains strong but is largely unfulfilled due to limited supply”.

The Exodus & Co deal added to the US$40 line-of-credit secured by CABS at IATF2023, bringing Zimbabwe’s total at the event to US$181 million. CABS plans to use the money to fund client sin agriculture, mining, and manufacturing. The bank will target 573 SMEs over the three-year tenor of the facility.

ALSO READ | Property market: Demand rising for high-end cribs, suburban offices and industrial space. But the CBD’s death spiral continues