…As President E.D. Mnangagwa officially commissions the facility
The Mining Industry Pension Fund (MIPF) has invested US$26.18 million in a student accommodation complex at Chinhoyi University of Technology, expanding its property portfolio as it seeks sustainable returns to preserve pension savings and improve member benefits, Mining Zimbabwe can report.
By Ryan Chigoche
The Legacy Heights complex, officially commissioned by President Emmerson Mnangagwa in Chinhoyi on Saturday, comprises three blocks with 578 rooms and 1,271 beds, providing the pension fund with a rental-generating asset intended to deliver returns over the long term.
Construction began in July 2023 and was completed on October 5, 2026. The development occupies 1.66 hectares and has been granted prescribed asset status, supporting MIPF’s compliance with prescribed investment requirements.
Speaking to Mining Zimbabwe on the sidelines of the commissioning ceremony, MIPF Principal Officer and Chief Executive Anymore Taruvinga said the project was designed to address student accommodation needs while generating income for the fund.
“Obviously, it’s a project that not only helps us to meet the socio-economic needs of the country, in terms of students’ accommodation, but as they are occupying, they are also paying rentals to us, and those rentals represent income to the fund, which hopefully should enable us to improve the benefits that we give to our members,” Taruvinga said.
He said the rental charges had been set after assessing average rates at comparable accommodation facilities in Chinhoyi, with the fund seeking to balance affordability for students with sustainable returns.
The complex has a mix of single, double and triple-occupancy rooms, including 24 single-occupancy rooms and suites strategically distributed across the three blocks to cater for students with disabilities. The facility covers slightly more than 20,000 square metres of floor space.
MIPF board member Dr Alex Maposa said the completion of the development marked the realisation of a three-year investment aimed at preserving pensioners’ funds through sustainable projects.
“As a board, we are quite happy that finally, after three years of investment, we’ve seen the results. Our intention is just to make sure that we preserve the pensioners’ funds through sustainable investments, and investing in the future, in particular for students, gives us that pride as a board that we are investing in our future for Zimbabwe,” Maposa said.
He also acknowledged the support provided by the Ministry of Mines and Mining Development and the Insurance and Pensions Commission (IPEC), adding that contributions from individual miners would be key to sustaining the fund’s investment capacity.
Legacy Heights forms part of MIPF’s broader strategy to diversify its portfolio through property investments capable of generating recurring income. The fund has also been pursuing retail and hospitality projects to broaden its asset base.
Last year, MIPF commissioned a shopping mall in Shurugwi following a US$9 million investment.
The fund is expanding its retail property portfolio with another mall in Redcliff, where construction is under way on a project costing slightly more than US$5 million. The facility is expected to be commissioned before the end of 2026.
MIPF is also looking to enter the hospitality sector through a hotel development in Victoria Falls, in partnership with another pension fund. Taruvinga said agreements had been signed, with the project awaiting the transfer of land to a special-purpose vehicle established to oversee the development.
Smaller investments in quick-service restaurants in Kwekwe and Harare are also under way.
The projects broaden MIPF’s exposure across property segments, giving the fund multiple potential sources of rental and operating income to support its long-term pension obligations.
For students, the new accommodation is expected to ease the burden of travelling long distances to attend lectures.
Speaking to Mining Zimbabwe on the sidelines of the commissioning ceremony, Moila Chiwota, a Level 2.2 Environmental Engineering student, said the complex would give students a place to live closer to their studies.
“Some students were travelling a very, very, very long distance every day. And because of your hard work, we have a place we can proudly call home. You did not just build walls and rooms, you built comfort, you built safety, and you built hope for us students,” Chiwota said.
“We really appreciate your effort and your time, and the quality of your work you’ve delivered to us.”
