Property market overview:
Characterized by:
- Subdued space absorption across all sectors;
- CBD office and specialized industrial sectors remain worst affected, retail and office parks demand remains strong;
- Periodic repricing of rentals in line with currency changes and inflation;
- High demand for properties; and
- Increased partially speculative developments.
Broad property portfolio overview:
- 93 properties in Zimbabwe;
- Diversified by location – in Harare, Bulawayo, Gweru, Mutare, Kwekwe, Kadoma, Zvishavane, Chivhu and Nyanga;
- Property portfolio valued at ZWL$1.392 billion as at 31 December 2019; and
- Invested in industrial, office, retail and residential sectors.
Financial performance highlights:
- Investment properties: +853% YoY;
- Shareholder’s equity: +786% YoY;
- Operating profit: +213% YoY;
- Rental income: +194% YoY;
- Net property income: +173% YoY;
- Administration expenses: +147% YoY;
- Rental yield: +13% YoY;
- Occupancy level: +10% YoY; and
- Average rental per sqm: +134% YoY.
