The Zimbabwean company has an existing property management portfolio comprising 48 properties that are a mix of industrial and retail.JHI Properties African business development executive Neil Jarvey says these managed assets represent a total capital value in excess of US$40 million spread across Zimbabwe, but concentrated in the commercial hub of Harare.
The property portfolios are managed on behalf of three well-known public entities listed in Zimbabwe, namely National Foods, Innscor and Colcom, as well as a privately owned organisation.
As part of its strategic expansion through Africa, JHI already operates in South Africa, Mozambique, Namibia, Lesotho, Ghana, Nigeria, Botswana and Zambia.
“Zimbabwe is an interesting market at present being keenly observed by investors and commerce. “Since the monetary system converted to US dollars in 2009, the economy has recovered to some extent and presents opportunities for significant further turnaround.
“Real estate, in particular, which is currently almost debt- free, has surged, with retail and office rental rates doubling in two years. “Naturally, there is some hesitancy in the market; however, the sentiment towards economic recovery appears to be positive and rather a case of ‘when’ than ‘if’,” says JHI Properties CEO Marna van der Walt.
She added that the Zimbabwe operation had already secured contract renewals with existing clients, and that the company was focusing on expanding its client base and service offering within Zimbabwe later in the year, with exciting retail and office developments already under discussion.
JHI also plans on opening its doors in Kenya towards the latter part of this year and hopes to quickly establish a reputation for high-quality service delivery.
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In the long-term, as the commercial hub of the region, the country offers a springboard into other East African countries. In Ghana, JHI is soon to start management of the Marina Mall, in the Airport City area of Accra, the capital.
This mall is in the final stages of construction and will open later this year. In addition, JHI, which has partnered with Minerva Property Management Company since 2006 — with US$53,2-million in assets managed on behalf of clients — aims to expand its operations in Zambia.
Key existing clients include Farmers House, Kwacha Pension Trust Fund and Cash Bazaar Holdings. On behalf of the latter, JHI was recently appointed to handle project management, leasing and property management for a new retail centre comprising 2 009m2 of gross lettable area (GLA) in Lusaka.
Other recent contracts undertaken by JHI in Lusaka include project management of Levy Junction Mall, comprising about 40 000m2 of GLA, and a Kwacha Pension Trust Fund office development, comprising 4 900 m2 of GLA. — Creamer Media’s Engineering News.
