Tigere Fund is on track to hit a US$100 million property portfolio by next year, cheered by the success of its Greenfields Shopping Complex and a strong pipeline of new developments.
The ZSE-listed real estate investment trust (REIT) currently owns Highland Park and Chinamano Corner, but Brett Abrahamse, MD of Tigere’s Asset Manager terrace Africa, is pushing for faster growth.
“We said last year we would like to get to US$50 million NAV (net asset value) by 2025, and we are on track. We said we wanted to get to US$100 million in three years. But we’re expecting to get to that before the end of the next financial year,” Abrahamse says.
One of Tigere’s biggest success stories is the Greenfields Shopping Complex at the Harare Showgrounds. Opened last year, the mall has done more than just attract shoppers—it has shattered a long-standing myth; that there’s no money south of Samora.
Says Abrahamse: “It’s a fallacy that the money only sits in the North or East, the golden triangle, wherever that is. We’ve seen this through this asset and its performance.”
The shopping centre already hosts 15 restaurants and food spots, with Bulawayo’s famous Smokehouse join in this year. Tigere will add Greenfields into the fund once full occupancy is reached. A second phase is set to open in July, and there’s already a tenant waiting list.
Highland Park Precinct: The next big thing
A key piece in Tigere’s growth plan is the US$17.5 million Highland Park Precinct, now going up across from Highland Park.
Set for completion in 2026, the mixed-use development will feature 12 ground-floor showrooms, 3,500 m² of office space, a rooftop penthouse office suite and restaurant, plus an international hotel brand. A footbridge will link the new building to Highland Park, and future phases will add 12-15 more buildings in the area.
The project has shown strong demand for space in the northern suburbs. “It is already 70% pre-let, and we are holding back a bit, because we believe that once it starts getting off the ground and taking shape, we’re going to get a lot of demand for rental space,” Abrahamse says.
More than just buildings
In Zimbabwe, developers often have to do someone else’s job – building infrastructure. Terrace Africa will widen a kilometre of Emmerson Mnangagwa Road (Enterprise) to ease the traffic congestion brought by Highland Park’s growth.
“This should be the responsibility of other departments outside Tigere, but we can’t wait. We want to get the benefits of the rental turnover now, and often that needs to be factored into these developments,” Abrahamse explains.
Projects in the Pipeline
The company is also gearing up for expansion in Ruwa, Bulawayo, Kadoma, and in the region. The first phase of a new complex in Ruwa—next to the Puma service station where KFC is located—kicks off this year. Other projects are lined up at the ZITF grounds in Bulawayo. Terrace Africa has also bought up land along Nemakonde Way in Harare for a new project.
These projects, says Abrahamse, will add more colour to Tigere’s portfolio.
He says: “We’ve been pretty boring to date, we’ve been talking about one or two assets, but we plan to really ramp that up in the next two financial years. By the end of 2026, we want to be talking about sectoral analysis, a breakdown of our assets across the country and maybe in the region.”
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