By A Correspondent| The recent acquisition of Highland Park Phase 2 by Tigere REIT has raised a host of concerns regarding the transparency, fairness, and regulatory compliance of the valuation and approval process.

Reports from The Herald and New Zimbabwe suggest significant irregularities that question whether the proper procedures were followed, leaving stakeholders, including unit holders and investors, with more questions than answers.

Questionable Valuation Process

At the heart of the controversy is the valuation of Highland Park Phase 2, which Tigere REIT acquired for an undisclosed sum. Industry best practices demand at least two independent valuers to cross-verify the worth of such high-value properties, ensuring the integrity and accuracy of the valuation. However, according to sources, only one valuer was engaged, raising questions about the impartiality and accuracy of the property’s appraisal.

The absence of independent checks is particularly alarming given the significant stakes involved. Real estate valuations can have a major impact on a company’s financial standing and future prospects, and without a second opinion, the valuation process becomes vulnerable to manipulation. Concerns about inflated valuations in the property market are already widespread, and this case only exacerbates fears that the process may have been compromised.

Lack of Transparency and Accountability

Further complicating matters is the secrecy surrounding the identity of the valuation firm. In an acquisition of this scale, transparency is paramount, yet Tigere REIT has failed to publicly disclose the name of the firm responsible for appraising Highland Park Phase 2. In a market where independence and impartiality are essential to maintaining investor trust, this lack of clarity raises serious questions about the true motivations behind the valuation.

Sources familiar with the process have raised concerns about the possibility of a conflict of interest, as the valuation firm may have ties to Tigere REIT or its affiliates. Without full disclosure, it is difficult to assess whether the valuation was conducted in good faith or whether external pressures influenced the outcome.

Regulatory Oversight and Governance Gaps

The apparent gaps in governance and compliance with established regulations cannot be ignored. According to market experts, the valuation and acquisition process fails to align with best practices upheld by the Zimbabwe Stock Exchange (ZSE) and global REIT regulations. These gaps suggest that Tigere REIT may not have adhered to the necessary corporate governance standards expected of publicly listed companies.

If Tigere REIT is to maintain its credibility and continue attracting investment, it must take immediate steps to address these concerns. Regulatory bodies such as the ZSE should conduct a full review of the process to ensure that the acquisition was handled with the level of due diligence required by law and ethical standards.