select
|

JHI Properties to manage newly launched Ascendant Property Fund

Making further inroads into the Zimbabwean market, JHI Properties is to manage the property portfolio of a new, unlisted property investment fund, Ascendant Property Fund (APF), which is acquiring 15 properties in three Zimbabwean cities from corporate vendors.

This brings the total number of commercial properties managed by JHI Properties Zimbabwe to approximately 50.

While South Africa based, JHI Properties continues to expand its base and service offering in African markets, and already operates offices Botswana, Zambia, Namibia, Nigeria, Lesotho and Ghana.

Comments CEO Marna van der Walt: “There is no doubt that the Zimbabwean economy is growing and has recovered to some extent.  It is already experiencing exceptional growth in the retail market at a rate of some nine percent plus year on year. As a result, and coupled with its move to dollarization in 2009, Zimbabwe presents opportunities for significant further turnaround of its economy, and also offers positive business opportunities.”

APF was launched this month (June 2012), with just under 100 000 square metres of commercial real estate with a value of over $40 million, with the bulk situated in Harare, as well as properties in Bulawayo and Gweru.

Comments Kura Chihota, CEO of APF: “Initially the fund comprises a mainly industrial and mixed-use portfolio, however offices are targeted and bespoke retail development opportunities will be pursued. In addition, two development sites are under feasibility assessment.”

Chihota has established a 15-year track record of property investment and management in South Africa as a director of companies including Fortress Income Fund, Johannesburg Housing Company and Leapfrog Property Group.

He says: “With a risk appetite appropriate for the operating environment and a focus on sustainably growing rentals, the fund is actively pursuing growth in Zimbabwe. The key attribute of the portfolio is strong cash flow generated by quality leases from listed companies as tenants. Our vision is to grow the fund by acquiring commercial property assets from companies looking to raise funds from selling assets. Retail assets will be purchased and developed in line with income growth and demographic distribution.

“With the fund being Zimbabwean owned and invested here, the current liquidity challenges in the country are likely to provide a window of opportunity to acquire quality assets in the short to medium term at lower prices than comparable in Southern Africa. Property capital values are driven by rental yields, and Zimbabwe has seen a trebling of rentals in the past three years. The Zimbabwean economy is growing after years of decline and increased foreign direct investment in the country can only increase the demand for quality real estate provided by the fund. With Zimbabwe’s anticipated economic growth rate of nine percent per annum, prospects look promising.”

Chihota says JHI Properties is the chosen partner of the fund due to a demonstrated track record of managing property assets with an eye on containing costs while growing revenues. “The deep facilities and project management prowess of JHI enables the fund to exploit growth opportunities with a high level of technical expertise.”

He says while APF is a closed fund, with no new investment currently sought, it is likely to have future appeal for South African and international investors seeking exposure to African markets with higher yields and rental growth rates than those experienced in home markets.

JHI Properties was also recently appointed leasing agents for Joina City, a new landmark, one-stop urban city in Harare which incorporates four floors of shopping mall with 18 floors of offices above. Already approximately 15 000sqm of retail space has been let to anchor tenants such as Spar and Edgars. Finished to the highest standards, the office component has sweeping views over Harare’s central business district.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK