Watumishi Housing Company (WHC) is a public entity established in 2013. WHC is a property developer and a licensed fund manager for management of the Watumishi Housing Company-Real Estate Investment Trust (WHC-REIT). WHC-REIT was licensed by the Capital Market and Security Authority (CMSA) in 2015 and became the first fully-fledged REIT to be established in Tanzania and East Africa. As a property developer, WHC-REIT is the main implementer of the Tanzania Public Servant Housing Scheme tasked with building of 50,000 housing units in five phases commencing from FY 2014/2015. Houses shall be sold under mortgage arrangements, hire purchase/rent to own, progressive payments and upfront cash to public servants, private sector employees and other members of pension funds (PSSSF, NSSF and NHIF) across Tanzania and Diaspora. However, under this scenario, Public servants shall continue to buy houses and shall be given preferential treatment whenever there is a competition for few houses.
Investment in Real Estate Investment Trusts (REITs) is a new concept in Tanzania and yet it provides an immense opportunity for the general public to participate and create personal wealth as well as contribute towards overall economic development. WHC-REIT seeks to work with other national and international fund manager and other stakeholders to develop this market in a manner that is beneficial to all parties.