The Pfuma Fund Real Estate Investment Trust is set to debut on the Victoria Falls Stock Exchange next week after its US$25 million public offer was fully subscribed.
The public offer for subscription of 250 351 750 units for US$0,10 per unit was fully taken up, reaching its valuation target of US$25,03 million, Arctic Blue Asset Management, the fund manager said.
The offer ran from December 11, 2025, to January 23, 2026.
In addition to the public offer, 221 000 000 units were allotted to the promoter in exchange for “seed properties”, existing real estate assets that will form the foundation of the REIT’s portfolio. These properties are valued at US$22,1 million.
The listing of the Pfuma REIT, to trade under the ticker PFUM.VX, marks another significant milestone for the VFEX.
It provides investors with a liquid vehicle to invest in Zimbabwe’s real estate sectors while enjoying the tax incentives and hard-currency dividend yields associated with the offshore exchange.
Under the current regulatory framework, REITs are exempt from corporate income tax, provided they distribute at least 80 percent of their taxable income to unitholders. According to the fund manager, the allotment of the subscribed units will be finalised by February 3, 2026.
Trading is expected to commence on Wednesday next week, subject to final regulatory approvals.
The fund’s portfolio is anchored by prime retail properties situated in high-traffic, previously underserved markets.
The locations offer robust growth potential and a diversified tenant base, ensuring long-term resilience.
The fund was launched with two flagship assets, Hogerty Hill Centre (Harare), a premier retail hub in a high-growth residential node and Chegutu Mall. Collectively, these properties provide a Gross Lettable Area (GLA) of 16 107 sqm.
The portfolio features an exceptional tenant mix of blue-chip and established retail operators, including TM Pick n Pay, Simbisa Brands (QSR outlets), Dis-Chem/Pharm, Bhola, Pro Farmer and TV Sales & Home.
Chegutu has already achieved 100 percent occupancy, while Hogerty Hill is on track to reach full occupancy by the end of this quarter. At full occupancy, the assets generate an estimated 7 percent gross rental yield.
The strategic composition ensures consistent cash flows while positioning the fund to capture sustained rental growth in Zimbabwe’s evolving retail landscape. In the first quarter of 2026, the fund will expand its portfolio by acquiring Cork Corner, a well-established Quick Service Restaurant mall.
Owned and operated by Sunrise Children, a subsidiary of Simbisa Brands Limited, the acquisition will be settled through the issuance of Pfuma units as purchase consideration.
Cork Corner features 1 203 sqm of GLA and currently delivers a gross rental yield of 7,8 percent.
Proceeds from the Pfuma REIT listing will be strategically deployed into high-impact commercial acquisitions across Zimbabwe. All properties in the pipeline are expected to be operational this year.
Together, they comprise about 18 000 sqm of GLA. Based on 100 percent occupancy, they are projected to generate an estimated gross rental yield of 11 percent in their first full year of operations.-herald
