BY FIDELITY MHLANGA
CBZ Holdings is looking to bolster its property portfolio to protect value, the group’s chief executive has said.
The group has holdings of $2,44 billion in assets and controls 16% market share in the banking sector. It accounts for deposits of $2,11 billion as of April 2019 in the current financial year and intends to invest more in properties.
“When you see the economy being like this you want to park your resources in assets. We have a big land portfolio through our property business and we think that also compliments very well with our asset management business. Certainly I think if you are running away from assets the last asset you can run away from is land because land does not depreciate value. So we remain with high appetite to do something within that space,” CBZ Holdings CEO Blessing Mudavanhu said.
Apart from bankings, the group operates insurance, asset management and risk advisory units.
CBZ has developed 1 095 stands in Nehosho in Gweru, 415 stands in Mbizo, Kwekwe, and 55 medium-density stands in Fairview in Harare’s Westgate area.
“We have interest to develop properties in various places around the country, but I wouldn’t have specifics because some of the discussions are still ongoing,” he said.
Another US$7 million is being invested towards the development of 670 medium-density stands in Bulawayo.
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In Hogerty Hill, Harare, CBZ is also developing 22 cluster houses worth US$2,5 million.
The group’s property and equipment, which include land, buildings, leasehold improvements, motor vehicles, computers, furniture and fittings had a net book value of US$77,4 million by end of 2018.
