PROPERTY company, Tigere Real Estate Investment Trust (REIT), which is set to start trading on the Zimbabwe Stock Exchange on 1 December has garnered a 95 percent subscription on its Initial Public Offer.
In a latest update, Tigere said following its offer, which was announced on 28 October and closed on 25 November, its IPO had 255 323 000 units on offer and received 243 647 792 subscriptions.
“The Tigere REIT units shall be listed Wednesday 30th November 2022, and will commence trading, on the Zimbabwe Stock Exchange (“ZSE”) on Thursday 1st December 2022,” reads part of the notice.
Recently, the firm said it was delighted to announce the listing, which is an important step in developing and strengthening the capital markets, as well as building a strong real estate sector within Zimbabwe,” it said.
By listing, the firm aims to attract focused and permanent capital for the promoter to develop further assets, support the Insurance and Pensions Commission and Ministry of Finance and Economic Development in their efforts to provide liquidity and deepen the savings pool through REIT products and also to provide retail and institutional investors quality and liquid commercial real estate investment vehicle.
Based on the prospectors, the firm said the economic growth of a nation is supported by a vibrant commercial infrastructure both industrial and retail properties to drive production and trade.
The development of quality commercial property is more than imperative in Zimbabwe as the economy is set for a path of recovery that is expected to revitalise significant economic activity.