Martin Kadzere Senior Property Reporter
THE Zimbabwe Electricity Industry Pension Fund is constructing a mega $14 million complex in Gweru. The complex comprises a four-storey office block, double storey shopping mall, a third generation supermarket and a service station, according to the Zesa Holding’s latest news bulletin.
Construction works commenced in July 2015 and is expected to be completed before the end of the year. Some of the key tenants include Pick n Pay supermarket, Puma Service Station, Zimbabwe Electricity Transmission and Distribution Company southern region office to relocate from the central business district. The new complex is expected to increase economic activity in the city, create jobs for the local community during and after construction.
The new complex also has potential to increase the local property values, especially the nearby residential properties. Addressing delegates during a recent tour of the property, Engineer Ben Rafemoyo, chairman of the ZEIPF board said: “As trustees, we want to identify with the good works. Trustees want to ensure that funds are invested wisely and would like to express satisfaction with the ways things are going.
“It is more gratifying that this is a huge project being done by blacks and the fairer sex. “We must feel proud that we can do things on our own,” added Eng. Rafemoyo.
ZEIPF is striving to have more such projects and it already owns the Arlington Distribution Center along Seke Road, which was completed in September 2015 at a cost of $15 million. It also owns Parkland Shopping Mall in Bulawayo, which was completed in March 2013 at a cost of about $6 million. The ZETDC Customer Service Center in Beatrice was completed in September 2013 at a cost of $1,3 million.
ZEIPF also owns several commercial properties in the capital and other cities countrywide, giving the fund an attractive yields as tenants shun the central business districts due to unaffordable rentals. The fund is complementing well to her property investors towards infrastructural development of the country and is actively involved in prescribed assets such as agro bills, armor bills, ZPC Kariba South upgrade, ZETDC prepayment metre project and ZPC Harare Power Station refurbishment.
ZEIPF is a defined contribution scheme and was started in 2004. According to December 2016, audited financial statements the fund has total assets of $147 million. The Gweru complex is being constructed with anchor tenants in place and the property will largely be occupied upon completion.