MASHONALAND Holdings (Masholds) says its investment portfolio’s value declined by 11 percent to $13,9 billion during the 15 months to December 2021, in inflation adjusted terms, largely due to degradation of the Harare central business district (CBD).
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In its 2021 annual report released on Tuesday, the property group said the capital loss reflects the current portfolio’s CBD concentration.
“The Harare CBD sector has been negatively impacted by a reduction in space demand due to the worsening urban problems such as deteriorating building infrastructure, street trading, congestion, noise pollution and the attendant high building operating costs among others,” the company said.
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