$100m if you want Joina City


Shingi Mutasa, a co-owner of Joina Development Company, which owns Joina City — one of Harare’s modern shopping malls — says the asset is now worth $100 million.
But the mall, situated at the heart of the city of Harare where Jason Moyo Avenue and Julius Nyerere meet, is not for sale.
Through a group of pension funds called Cherifield, Mutasa and partners control 40% of the complex which took nearly 16 years to build. The other 60% is by Dubury, an investment vehicle of Kingdom Africa and Melville.
“I never thought about selling even at the worst of our experience in 2004,” Mutasa said. “If I had wanted to sell, there were many who would have bought it. It’s because I was not driven by financial interest, I just wanted to show that it could be done by us.” Mutasa says all the retail space has been taken up and there is an ever-growing long waiting list.
New World Property Managers (Pvt) Limited, Joina City’s managing consultants, are now allocating office space, which is also oversubscribed.
The complex has 72 retail shops and a 16-floor office tower.
“The complex has three levels of parking bays, with each one of them taking 200 vehicles” which translates to 600 underground parking bays,” Tendai Mavera, Joina Development City’s financial controller, said.
“It has four levels of retail shops, with each one housing approximately 72 shops,” Mavera also said.