• Pfuma REIT commenced trading on 9 February 2026 after raising USD 25 million at 100% subscription
  • Eagle REIT (EAGLE.VX), the first REIT on VFEX focuses on tourism/hospitality, health, retail and residential development properties and has delivered solid but measured performance
  • REITs on VFEX trade with relatively low liquidity and volume typical of yield-focused assets, prioritizing consistent dividends and downside protection

Harare- The Victoria Falls Stock Exchange (VFEX) has welcomed a significant new entrant to its growing roster of USD-denominated instruments with the debut of trading in Pfuma Fund Real Estate Investment Trust (Pfuma REIT) units today, Monday the 9th of February 2026.

Managed by Arctic Blue Asset Management (Private) Limited, Pfuma REIT officially listed effective Friday, February 6, 2026, becoming the second REIT on the exchange and the 18th overall listing.

This follows a highly successful private placement that raised USD 25 million at 100% subscription during the period from December 11, 2025, to January 23, 2026, with a total of 471,351,750 units issued (symbol: PFUMA.VX, ISIN: ZW VX 0903 0029) at an offer price of USD 0.10 per unit.

Pfuma REIT's initial portfolio emphasizes income-generating retail properties, seeded with assets valued at approximately USD 22.1 million, including high-traffic centres like Hogerty Hill Centre and Chegutu Retail Centre (anchored by tenants such as TM Pick n Pay, Simbisa Brands, DisPharm, Bhola, and TV Sales & Home).

The fund boasts about 16,107 sqm of gross lettable area and targets gross rental yields of 7-8% at full occupancy, with ambitions to expand into developments like Cork Corner, Eastlea, Chivhu, Yellowstone, and Silverbrook in 2026 to potentially push yields higher (up to 11% in new projects).

As a REIT, it commits to distributing at least 80% of net income as quarterly USD dividends, appealing to investors seeking stable, hard-currency income amid Zimbabwe's economic context.

Given the strong subscription interest and VFEX's momentum in USD assets, early trading is expected to attract attention, though REITs typically exhibit lower initial liquidity compared to equities due to their yield-focused nature rather than speculative growth.

For comparison, the other REIT on VFEX is Eagle REIT (symbol: EAGLE.VX), which listed in May 2025 as the pioneering REIT on the exchange. Eagle focuses on development-oriented properties in tourism/hospitality, health, retail, and residential sectors in growing urban markets.

Its performance has been solid but more measured. Over its roughly seven-month trading period in 2025, Eagle REIT surged about 60% in value (contributing to broader property sector gains), reflecting REITs' emphasis on income stability, yield sustainability, and portfolio quality over rapid price acceleration. Eagle has helped establish REITs as credible USD-yield vehicles on VFEX, with limited secondary market activity typical for the asset class prioritising dividend reliability over high-volume trading.

Both Pfuma and Eagle REITs benefit from VFEX's USD denomination, which insulates them from local currency volatility and attracts investors seeking hard-currency exposure to real estate. The exchange's All-Share Index delivered strong gains in 2025 (up 69% overall, with peaks reflecting mining and investor confidence), and REIT listings have bolstered its appeal as a platform for stable, asset-backed investments.

However, REITs on VFEX generally trade with lower liquidity and volume compared to high-growth counters, as they are judged more on consistent yields (Eagle and peers targeting 6-7%, Pfuma aiming higher at 7-8%) and downside protection than momentum.

Pfuma's larger initial capitalisation (approx. USD 47.1 million including seed assets) and retail-focused, income-oriented portfolio position it well to diversify options alongside Eagle's development tilt, potentially enhancing overall REIT liquidity over time. This dual presence signals maturing confidence in securitized property vehicles for financing infrastructure amid economic stabilization efforts.

With Zimbabwe's push toward USD-based capital markets, these REITs represent a promising avenue for diversified, income-generating exposure in a challenging environment.

Equity Axis News