Tigere Real Estate Investment Trust (REIT) says it is pursuing five property acquisitions in the second half of 2026, as it nearly doubled rental income and maintained strong occupancy in the half-year ended 30 June 2026.
The fund said rental revenue increased 97 percent year-on-year to US$2,17 million, while net property income rose 84,7 percent to US$2,23 million following the addition of Greenfields Retail Centre and Zimre Park Drive-Thru to its portfolio.
Profit for the period stood at US$1,93 million, compared with US$990 155 recorded in the comparable period last year, while total assets increased to US$60,5 million from US$60,2 million at the end of December 2025.
In its half-year report, the REIT manager said occupancy remained resilient despite redevelopment work at some properties.
“Occupancy remained at 97 percent during the period under review, with existing vacancies being driven by redevelopment initiatives and completion of new development works at our Greenfields asset,” the manager said.
“Notwithstanding the ongoing works, committed occupancy remained at 100 percent during the period with tenants expected to trade during H2 2026.”
The trust said it was evaluating acquisitions at Electrosales Zvishavane, Design Quarter and Parkade, Cardinals Corner, Kadoma Retail Centre Phase One and Gweru Retail Centre Phase One as it expands its portfolio.
Management said operational efficiency improved during the period as debtors declined and administrative costs fell.
“The Fund maintained a high level of operational efficiency,” the manager said, adding that operating expenses relative to total assets declined while administrative costs were reduced through economies of scale and tighter control of corporate expenses.
The trust also declared a quarterly dividend of US$1 million, equivalent to 0,05449 US cents per unit, with investors given the option of taking cash or reinvesting through additional units under a scrip dividend scheme.
“The retained cash will be used for the yield-accretive purchase of Electrosales Zvishavane during the third quarter of 2026,” the REIT manager said.
Looking ahead, management said the property market remained supported by new developments, demand for quality retail space and growth in foreign currency earnings, while the REIT sector continued to attract fresh capital for new projects.