Zimbabwe’s retail property sector is drawing a steady stream of international brands seeking entry or expansion into the market, with Tigere Real Estate Investment Trust (REIT) receiving fresh enquiries from global retailers on a near-weekly basis. The development marks a notable shift in sentiment towards a country that has long struggled to attract foreign commercial investment.
Tigere Property Fund director Brett Abrahamse attributed the surge in interest to improving macroeconomic conditions, particularly greater stability in Zimbabwe’s currency markets, noting that a new international brand makes contact with the fund almost every week. The Reserve Bank of Zimbabwe’s decision to liberalise exchange rates in April 2024 has been central to that shift. Annual inflation slowed to around 3.8% in February 2026, reflecting tighter fiscal and monetary coordination. Since February last year, monthly local currency inflation has averaged just 0.6%, a level that has restored a degree of pricing predictability that international retailers require before committing capital.
According to Tigere REIT’s full-year results for the period ending 31 December 2025, the fund posted net income of US$2.67 million, more than double the US$1.34 million recorded in 2024, driven in part by a 61% increase in net property income for the fourth quarter, which reached US$2.73 million. The fund ended the year with portfolio occupancy at 97%, while newly acquired assets entered at 100% leased lettable space. Its net asset value rose to US$59.48 million, up from US$34.03 million the prior year, and its debt collection rate improved to 97.3%, compared with 91.3% previously.
As reported by Equity Axis, the fund’s investment property value rose 75.6% to US$58.41 million following two strategic retail acquisitions in the fourth quarter of 2025, with its fund manager Terrace Africa Asset Management describing Tigere as entering 2026 with “scale, momentum and a clearly defined growth pipeline.” Compared with regional peers such as South Africa’s Growthpoint Properties, which reported modest distribution growth of 3–4% in 2025 amid broader economic headwinds, Tigere’s 28% distribution per unit increase points to Zimbabwe’s appeal as a US dollar-denominated investment.
The quality of Tigere’s property portfolio has been a key factor in attracting international tenants. The fund’s assets include Highland Park, Chinamano Corner, Greenfields Retail Centre and the upcoming Design Quarter — a 5,500-square-metre mixed-use development opposite Highland Park, due to open in the third quarter of 2026. Greenfields, acquired in late 2025, reached full occupancy shortly after opening and is anchored by Spar, alongside outlets including Hungry Lion, Spur and Rollers Entertainment.
Abrahamse argued that international and local operators are complementary rather than competitive, noting that global brands raise the overall standard of retail infrastructure without undermining established local players. The broader development pipeline reflects that confidence. Three new assets are planned: a retail centre in Kadoma, a drive-thru and fuel development in Gweru along the A5 Highway, and a major retail centre within the Zimbabwe International Trade Fair complex in Bulawayo — a city that has seen limited commercial investment in recent years. In Harare, plans for a full shopping centre at Zimre Park in Ruwa have been brought forward, with construction expected to begin imminently following strong trading at the existing drive-thru facility.
On the question of competitive pressure along ED Mnangagwa Road, where several retail developments are emerging in close proximity, Abrahamse drew a parallel with Johannesburg’s Rivonia Road corridor, suggesting that multiple retail nodes can coexist. Tigere is targeting a NAV of US$100 million by the end of the 2026 financial year and US$200 million by 2028, with its growth strategy extending beyond retail into light industrial and hospitality assets.
Market analysts have interpreted the inflow of international brand enquiries as a sign that global retailers prefer professionally managed centres where foot traffic and tenant stability are more predictable, and that Zimbabwe’s formal retail sector is beginning to recover confidence even as the informal economy continues to dominate parts of the market.
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