Business

REIZ targets to raise revenue base

TRYNESS TEMBO, Lusaka
REAL Estate Investment Zambia (REIZ) intends to increase the firm’s gross rentable area from 42,000 square metres to 100,000 square metres in the next five years to raise its revenue base.
REIZ chief executive officer Sydney Popota said to increase the rentable area. the firm plans to re-develop the Arcades Shopping Mall, it has acquired land along Kafue road measuring about 33,000 square meters and one in Solwezi where it intends to construct a mall early next.
“We plan to increase our rentable space from the current 42,000 square metres now looking to expand to 100,000 square metres in the next five years. We have about 300 shareholders [and] we need to ensure they get rewards for their investment by acquiring additional land which will contribute to the revenue base,” Mr Popota said in an interview recently.
He also said apart from commercial, retail and industrial sub-sectors, the firm is looking to invest in the housing sector soon once it’s done with the study.
On dividend, he said in the financial year ending December 31, 2016 the firm resolved to pay an intrim of K0.10 per share from K0.08 the previous period.
Mr Popota attributed the increase to the strong cash flow and positive financial results recorded by the company.
He also called on Government to create a supportive business environment to help the country attract more investors in the sector as there is a lot of appetite from outside.
“We are aware that there are a number of investors who are willing to invest in the sector but need a favourable business environment,” he said.



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