Tigere Real Estate Investment Trust (Tigere REIT) unitholders have approved the acquisition of two new properties — Greenfields Retail Centre and the Zimre Park Drive-Thru — for inclusion in the fund’s property portfolio.
The approval, granted at an Extraordinary General Meeting (EGM) held on November 3, 2025, paves the way for the real estate investment trust to expand its asset base and enhance portfolio diversification. Tigere REIT said the acquisitions are expected to have a significant yield-accretive impact and contribute positively to the fund’s net asset value (NAV) growth.
The two assets carry a combined market value of approximately US$25.1 million and will be acquired through the issuance of 770.5 million new Tigere REIT units. Upon completion, these units will represent 41.8% of the total units in issue.
Located along Samora Machel Avenue, Greenfields Retail Centre is a modern shopping complex anchored by Spar and supported by entertainment and food outlets including Hungry Lion, Spur, and Rollers Entertainment. Opened in December 2024, the centre has achieved full occupancy and is positioned as a family-oriented leisure and retail destination. Future developments at Greenfields include a Steers Drive-Thru, a fuel station, and a Jurassic Safari Theme Park expected to be completed in 2026.
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The Zimre Park Drive-Thru, situated along the Harare-Mutare Highway, forms the first phase of the planned Zimre Park Retail Centre. It currently hosts a Steers Drive-Thru operated by Simbisa Brands, with further expansion planned for 2027 to include more retail outlets and an anchor tenant.
Tigere REIT said the acquisitions will broaden its geographic footprint, marking its first investment outside the Harare metropolitan area. The combined net initial yield of the two properties is projected at 7.15%, an improvement from the fund’s 2024 yield of 5.26%.
“The proposed acquisitions align with the REIT’s mandate to deliver sustainable income growth and capital appreciation through strategic investment in quality real estate,” Tigere REIT noted in its circular to unitholders.
Following completion, the transactions are expected to increase Tigere REIT’s NAV to US$59.2 million, while also improving operational efficiency and the outlook for unitholder dividends.
Proxy forms for the EGM were due by October 30, 2025, with the meeting held via teleconference.
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