HARARE, Aug. 28 (NewsDay Live) – Mashonaland Holdings (Mashonaland) investment property portfolio grew 1,8% to US$96,43 million in the first half of 2026, up US$1,71 million from US$94,7 million at the end of December 2025, as capital improvements and fair-value gains strengthened the group’s asset base.
The growth came alongside improved operating performance, with occupancy rising to 89% in June from 88% previously, while rental collections stood at 93%.
“The group’s investment property portfolio increased in value to US$96,4 million, from US$94,7 million at the end of December 2025. The increase reflects both capital improvements undertaken during the period and fair value gains arising from the mid-year valuation,” Mashonaland chairperson Grace Bema said in the group’s half-year report for the period ended June 30, 2026.
“The group remains focused on preserving the quality of the portfolio while selectively investing in projects that enhance long-term shareholder value.”
Mashonaland also advanced several projects in its development pipeline during the period.
Leasing at Pomona Commercial Centre progressed after the subdivision of space to accommodate a broader tenant mix, with the property reaching 75% occupancy by the end of the half year.
“The property is on course to achieve full occupancy before the end of the year,” Bema said.
At the Coronation Drive Residential Development in Greendale, civil works for a proposed 30-unit residential cluster development reached 95% completion, while the project continued through the statutory approval process.
Meanwhile, the Shurugwi Residential Stands Project progressed with the completion of surveying and the commencement of engineering work.
“The group intends to commence servicing and pre-sales in phases in the second half of the year,” Bema said.
She said Mashonaland entered the second half with a focus on improving tenant satisfaction and retention, while increasing occupancy across its portfolio.
“Priority will continue to be given to strengthening property management and leasing initiatives to support sustainable rental income growth,” Bema said.
“The group is particularly encouraged by the planned commencement of pre-sales for its development projects, representing an important step towards commercialising the development pipeline.”
During the six months under review, revenue rose 7% to US$3,91 million from US$3,66 million in the comparative period, supported by additional tenant onboarding and growth in property-services income.
New lettings at Pomona Commercial Centre also contributed to revenue growth, with the property ending the period at 75% occupancy.
Consequently, profit after tax increased 14% to US$1,8 million.
“While some market risks and market-wide funding constraints remain, the group remains positive about the opportunities ahead and will maintain a disciplined approach to tenant experience, occupancy and project sales to create sustainable shareholder value,” Bema said.
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