Old Mutual Zimbabwe is set to roll out a pipeline of landmark property developments across the country, including a mixed-use lifestyle estate in Harare, an international-branded hotel in Victoria Falls and a five-star mixed-use precinct in Borrowdale, as it expands investment in Zimbabwe’s real estate sector.
The projects will be undertaken through the company’s planned Development Real Estate Investment Trust (REIT), which will develop, own and manage income-generating property assets.
Leading the investment programme is The Grange Lifestyle Estate, a US$46.2 million mixed-use development in Harare, where civil works have already commenced.
“The development will comprise residential units, retail outlets, restaurants, a gymnasium, a medical centre, office park and car showroom, creating a modern live-work-play environment designed to meet growing demand for integrated urban developments,” said Old Mutual.
The company is also moving ahead with plans for a 130-room four-star hotel in Victoria Falls, which will be developed in partnership with an international hospitality brand.
The hotel, to be built near the Victoria Falls National Park, is expected to strengthen the resort city’s accommodation capacity and support Zimbabwe’s drive to attract more regional and international tourists.
According to Old Mutual, discussions on the hotel management arrangements are at an advanced stage.
“Negotiations on hotel management arrangements with the brand owner and proposed operating partner are at an advanced stage,” the company said.
Construction and fit-out are expected to take about 12 months after financial close, after which the hotel will operate under an internationally recognised hospitality brand.
The insurer is also planning a major mixed-use precinct in Borrowdale that will feature premium office space, retail facilities, residential apartments and a five-star hotel with a conference centre.
The development is expected to further strengthen Harare’s commercial property market while supporting the growth of business tourism.
Old Mutual said the projects form part of its planned Development REIT, which will develop and retain ownership of high-quality income-generating property assets, broadening its long-term investment portfolio while contributing to national infrastructure development.
The investment pipeline comes as Zimbabwe continues to witness increased private sector participation in large-scale real estate and tourism developments, supporting urban renewal, employment creation and economic growth in line with the country’s Vision 2030 development agenda.
