Dawn set to become “partner of choice”

Dawn Properties, whose share price has plunged by 77 percent since it was listed in August, says it is set to become the “partner of choice” in property investments and development.

But it adds that it must be understood that it takes a while before tangible results can be put on the table.

The share is currently the worst performer on the Zimbabwe Stock Exchange but the company realised total revenue of $251.6 million in its first three months of existence.

It was weaned off Zimbabwe Sun after the hotel group unbundled its hotel properties. Under the lease agreement, Zimbabwe Sun is responsible for maintenance and insurance of the properties while Dawn has the responsibility of major structural repairs and replacement of lifts.

Its properties had a market value of $30.2 billion at the end of September.

Dawn is already negotiating the acquisition of a commercial building in Harare and is looking at three other properties.

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