Share

Zim a difficult environment - Old Mutual

Harara - Old Mutual Zimbabwe says vacancies at its properties have grown to 19% as the operating environment in the country continues to deteriorate.

Speaking on the sidelines of the Old Mutual AGM last week, CEO Jonas Mushosho said the vacancies in the shopping mall business were even higher at 21%.

According to a report by local news agency Financial Express, Mushosho said the vacancies reflect the nature of this environment.

“It is a very difficult environment. We know that businesses go through different cycles and, therefore, we engage our tenants in ways that are beneficial both to ourselves and them in the long term. Our clients have the option to either reduce their space or move out and when their lease comes for renewal, we negotiate the rentals,” said Mushosho.

Mushosho added that the performance of the group in the first quarter of the year was generally satisfactory.
 
“We run an integrated and diversified group and, therefore, the group has capacity more than other entities to absorb shocks that happen in a difficult environment, therefore, in that regard, our first quarter performance has been very satisfactory. Both the life and banking business posted very good results.”
 
He, however, said it is difficult predict the future prospects of the business in the current operating environment.
 
The increasing vacancies at Old Mutual’s properties are in line with what other property companies in Zimbabwe have reported.

Average void levels for Zimbabwe Stock Exchange listed Zimre Property Investments increased to 19% in 2014 from 14% in 2013.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.91
+0.1%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.13
+0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders