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Masvingo to hold REIT breakfast meeting

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Masvingo to hold REIT breakfast meeting


Ellen Mlambo

MASVINGO – Masvingo Business Community is holding a breakfast meeting on Monday to introduce the concept of Real Estate Investment Trusts (REITs) in the Ancient City.
Solten Financial Services director Saul Chin’anga who is pioneering the REIT concept confirmed the development in an interview with The Mirror.
The expected outcome of the meeting is to establish REIT Masvingo or a quasi-REIT which becomes an institution to pursue the establishment of a fully-fledged REIT. If established REIT Masvingo targets investment in the new CBD which is across Mucheke River to the west of the current CBD.
REIT is where individuals and or businesses come together to either buy a piece of land or a building as a way of investment. They then manage the property for income generation.
Chin’anga said REIT will see high quality property boom in the city and the creation of jobs.
The REIT concept accommodates people of different investment capacities therefore enabling people with small and big portfolios to run properties together. The difference is in the sharing of dividends.
Stockbroker and MMC Capital Pvt Limited Executive Director, Itai Chirume will be the guest speaker at the function to be held at a local hotel. Chirume will also advise business on how to establish a REIT in Masvingo.
“The concept is called Real Estate Investment Trust. It is a new concept that was recently introduced. REIT brings together individuals and institutions to raise money to invest in property and share proceeds. One example in Harare is the Highlands Park which was officially opened by the President,” said Chin’anga.
“It is expensive to invest as an individual but if we come together as a group, we are able to put our resources together and invest in real estate. If you go into many towns you will see open spaces and these are people that are holding land for speculative reasons with no development taking place.
“It is not possible to do that with the REIT because individuals will expect returns and not all will be speculators,” said chin’anga.
The cost for attending the breakfast meeting is US$35 per person. This covers admin costs, breakfast and venue. Payments for attendance can be made at Solten offices in Masvingo.

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