Tigere Real Estate Investment Trust (REIT) has secured strong support for its scrip dividend option, with unitholders retaining most of the fund’s latest distribution in the form of additional units.
Holders of 1,684,238,988 units – representing 91,48 percent of units in issue – elected to receive the dividend through the scrip option. The election will result in the issue of 28,335,929 new units.
Only 2,64 percent of units, equivalent to 48,640,398 units, were elected for cash payment, while 5,88 percent of units had no response and will therefore default to the cash option.
Tigere declared a gross dividend of US$86,380.45 at a rate of US0,05449 cents per unit. The amount includes withholding taxes applicable to both the cash and scrip options.
The strong take-up gives the property fund additional capital to support its expansion plans as it targets a net asset value of US$100 million by the end of the year.
The scrip offer formed part of Tigere’s broader capital management strategy announced alongside its half-year results to June 30, 2026. The fund had said retaining cash through the scrip option would help finance acquisitions without putting additional pressure on its balance sheet.
Asset manager Brett Abrahamse previously said the retained cash would be used towards the acquisition of Electrosales Zvishavane, a yield-accretive property expected to cost about US$1,42 million including transaction costs.
The proposed transaction involves a sale-and-leaseback arrangement under which Electrosales will remain the tenant under a 10-year triple-net lease. The property was expected to generate annual rentals of US$135,000.
Tigere said yesterday that its manager was still negotiating the acquisition with Electrosales and that a market update would be issued on the proposed transaction.
The latest results reinforce the expansion strategy outlined in June, when Tigere said it planned to acquire five retail properties before year-end, including Design Quarter and Parkade, Cardinals Corner, Kadoma Retail Centre Phase One and Gweru Retail Centre Phase One.
The fund’s expansion drive follows strong operating performance. Rental revenue nearly doubled to US$2,17 million in the six months to June, while net property income rose 84,7 percent to US$2,23 million.
Tigere’s portfolio maintained 97 percent occupancy during the period, while the REIT remained ungeared, giving it further capacity to fund acquisitions.