The African Sun which runs a number of hotels in the country is looking at an offer for Caribbea Bay in Kariba, as it continues its asset sale.
The company says it has “started engaging with an interested party who has made a formal offer for the property”.
African Sun has recently sold the Monomotapa Hotel for US$18M and Great Zimbabwe Hotel for US$4.2M.
According to the company it plans to use the money from the sales to renovate its remaining hotels.
Public Service Pension Fund’s (PSPF) move to acquire the Monomotapa Hotel show how hungry pension funds remain for commercial real estate – even those of a risky kind – as investment options remain limited.
The US$18 million acquisition placed the PSPF among the country’s most influential institutional property investors. The hotel, a flagship of Harare’s skyline, was put on sale as part of African Sun’s ongoing disposal of underperforming assets.
Meanwhile, according to the Insurance and Pensions Commission (IPEC), property accounts for 47% of pension fund assets.
Data from the Securities and Exchange Commission of Zimbabwe (SECZIM) shows that real estate made up 48.45% of funds under management by asset managers in Q1 2025, up from 47% in the previous quarter.
Trimming its portfolio, African Sun recently sold Great Zimbabwe Hotel to the Mewame Trust, owned by businessman and City Link bus operator Jackson Makarachi, for US$4.2 million. A previous deal with former RBZ governor Gideon Gono’s TD Hotels collapsed.
NewZwire
