Business Reporter
THE Millennium Heights Aparthotel has been conferred with the REIT status, presenting a lucrative opportunity for members of the public to seize lucrative investment opportunities.
The Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate, offering investors a way to participate in real estate without directly owning properties, often providing a steady income stream through dividends.
Among the top benefits, REITs allow investors to diversify their portfolios by gaining exposure to the real estate market without the need to buy and manage individual properties. They are known for distributing a significant portion of their income to shareholders in the form of dividends, providing a steady income stream.
Speaking at the CEO Africa Roundtable meeting which ended in Nyanga Friday, WestProp CEO, Ken Sharpe revealed the country’s first ever Aparthotel with a global partnership received the nod for a REIT status from relevant authorities.
“We’re building Block 4 at Millennium Heights, which is an apartment building. It looks something like this one behind me. Four floors. No, four floors was Block 3 that we completed. We’re now building six floors in Block 4. And we’re at the third floor, going on to the fourth floor now in April. And the team has been able to achieve over the last two months one floor per month of construction.
“So it means the sixth floor will be completed by June. The next building that we’re putting up is the one behind me, which is Block 5. It’s the first apart hotel in Zimbabwe. I cannot yet release the final details.It will become public next week. It’s an approved REIT. We got approval from the Securities Exchange of Zimbabwe,” he said.
Recently, WestProp partnered the Belgium headquartered hospitality giant, Radisson Hotel Group for the management of the Millennium Heights block 5 Aparthotel.
Radisson Hotels is a multi-brand hotel chain with a worldwide presence. Its brands include several using the Radisson name, as well as other brands like Park Plaza Hotels & Resorts and Country Inn & Suites.The international and dynamic hotel group has more than 1,460 hotels in operation and under development in EMEA and APAC.
As a result the hotel group will be known as the Raddison Millenium Heights Hotel.
