Tenants

Companies that operate in various sectors of the economy occupy office space in Pearl buildings. These include most of the major banks, large corporations, retail stores and pharmacies.

Lease Profile

Property leases for both commercial and industrial properties are generally for three years. This is comparable to the industry average. Retail leases are for longer periods, typically ten-year periods. Pearl operates a retail portfolio of less than 10%, as measured by floor space available for letting.

Lettable Space by Location

The majority of the available lettable office space is in Harare.

Rentals

Rentals on all Pearl properties are payable monthly in advance. For commercial and industrial properties rents are currently being reviewed quarterly.

Property Management

Pearl manages its properties along with independent property managing companies. Currently the independent property management company contracted to manage some of the properties is Knight Frank.

Property managed, as at 31 December 2006.

Pearl intends on managing all its properties by the end of 2007.

Future Prospects and Investment Considerations

Various opportunities exist in the property sector. Pearl intends to consolidate its property portfolio, diversifying further outside office buildings and industrial areas and investing in the region. The undeveloped land gives the opportunity for future developments and investment.