Watumishi Housing Company (WHC) is a public entity established in 2013. WHC is a property developer and a licensed fund manager responsible for management of the WHC 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 to public servants and other eligible members of the public across Tanzania. 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.
Unit holders of WHC-REIT include seven public institutions namely; PPF Pensions Funds, National Social Security Fund (NSSF), Public Service Pension Fund (PSPF), LAPF Pensions Fund and GEPF Pension Fund, the National Health Insurance Fund (NHIF) and National Housing Corporation (NHC).
The function of WHC among other includes:
i. To implement the Public Servant Housing Scheme (PSHS).
ii. To carry out the business of fund management, operate the Real Estate Investment Trusts (REITs).
iii. to construct, erect, build repair or improve buildings for rental or other purposes.
iv. To carry out the business of property management.
v. To enter into Joint Venture agreements or an amalgamation with any company, firm or person carrying on business that falls within the line of company objectives.
WHC is governed by the Board of Directors which comprises of CEOs of all Unit holders. The Government of the United Republic of Tanzania is represented in the Board through co-opted members from the Ministry of Lands and Urban Development, the Bank of Tanzania and the President Office-Public Sector Management (PO-PSM). The day to day activities of WHC is managed by the Managing Director (CEO) who is assisted by the Chief Operating Officer and the Chief Financial Officer (CFO). WHC seeks to maintain a lean but a dynamic workforce in line with the objectives of the company.
“Quality homes for public servants”.
To facilitate and to enable public servants and the general public to own homes under mortgage arrangement and participate in profitable real estate investment while operating on sound fund management principles.