LONDON listed investment fund Masawara PLC has announced a deal to take over BP and Shell’s Zimbabwe assets subject to regulatory approvals.

A statement issued by Shingi Mutasa, one of the fund's investors, on Tuesday said a deal had been agreed in principle.

The assets include 73 retail sites, storage capacity of approximately 59.5 million litres of product across ten strategic centres in the country and a total staff complement of 87 employees.

“The Company is pursuing high quality new investment opportunities in Zimbabwe to add to a portfolio of existing investments,” the statement added.

When the $100m fund launched in August it outlined plans to buy up cheap assets in Zimbabwe ahead of an anticipated upswing in the local economy as political stability returns.

"We have a great opportunity to lead the pack in bringing much needed investment capital to Zimbabwe and help the country rebuild following its recent economic difficulties,” Shingi Mutasa one of Masawara’s main investors said at the time.

Masawara was listed on London’s Alternative Investment Market (AIM) in August raising US$25 million in new funds.

Its portfolio of assets comprises an effective 40 percent interest in Joina City, the single largest commercial and retail building in Harare.

The company also retains a 30 percent interest in TA Holdings, a diversified investment company with stakes in insurance, agro-chemical and hospitality businesses across sub-Saharan Africa and is listed on the Zimbabwe Stock Exchange.