THE Financial Gazette, a weekly business publication, has bought Thomson House, the headquarters of trade and social magazines publishers, Thomson Publications, for $1,2 billion. <
The three-storey building, situated at the corner of Harare Street and Speke Avenue, was believed to be worth $3 billion. However, Financial Gazette executives managed to negotiate with the owners and bought the building for $1,2 billion.
Financial Gazette chief executive officer Jacob Chisese was not available for comment yesterday as he was said to be locked in a series of meetings.
Thomson was formerly owned by late business journalist and editor of the Standard, Mark Chavunduka. He had once edited Parade, Thomson’s flagship monthly magazine.
Chavunduka died in November 2002 shortly after taking over as Thomson chief executive officer where he had snapped up a controlling stake.
CB Richard Ellis were the selling agents for Thomson House. The building is situated on a site area of 595 square metres. The agents say it has a potential annual income of $550 million.
Thomson has since stopped publishing the magazine as well as three others, citing escalating production costs. The Thomson stable used to include Parade, Zimbabwe Summer, Mining in Zimbabwe and Mine Buyer’s Guide.
At its peak, Thomson was publishing virtually all the nation’s trade magazines such as the Zimbabwe National Chamber of Commerce’s monthly magazine, Zimbabwe Tobacco Today, and various insurance publications.