The Victoria Falls Stock Exchange Limited (VFEX) has announced the listing of Pfuma Fund Real Estate Investment Trust (Pfuma), by Arctic Blue Asset Management (Private) Limited effective Friday, with trading in its securities to commence today.
Arctic Blue has been appointed as the investment manager, responsible for managing the REIT and its property assets on behalf of investors.
CABS Custodial Services will act as trustee, safeguarding the interests of unit holders, while IH Securities (Private) Limited has been designated as the sponsoring broker.
In a statement, VFEX Group chief executive officer (CEO), Mr Justin Bgoni said Pfuma becomes the second REIT to list on the VFEX after Eagle REIT.
“The Pfuma REIT becomes the second REIT on VFEX and the 18th listing on our exchange. Trading in Pfuma securities will commence on Monday, 09 February 2026. Pfuma successfully raised US$25 million during the subscription period (11 December 2025 to 23 January 2026), with a 100 percent subscription level,” he said.
He said a total of 471 351 750 units will be traded, while the Pfuma securities will trade under the symbol: PFUMA.VX and ISIN ZW VX 0903 0029.
Mr Bgoni said investors wishing to invest in the Pfuma securities were advised to consult their stockbroker or financial advisor for further guidance.
According to the prospectus, Pfuma REIT has been seeded with a US$22,1 million retail property portfolio comprising Hogerty Hill Centre and Chegutu Retail Centre, offering a combined gross lettable area of 16 107 square metres.
Farmhouse Company seeded Hogerty Hill Centre for 186 million units, while Blue Elf Investments seeded Chegutu Retail Centre for 35 million units, both at an issue price of US$0,10 per unit.
“The fund’s portfolio is anchored in prime retail properties strategically located in high-traffic, previously under-served markets, offering strong growth potential and a diversified tenant base.”
Tenants at the two centres include TM Pick n Pay, Simbisa Brands’ quick-service restaurant outlets, DisPharm, Bhola, Pro Farmer and TV Sales & Home. Chegutu Retail Centre is fully let, while Hogerty Hill Centre is approximately 70 percent occupied, with full occupancy targeted by the end of the first quarter of 2026.
“These properties generate approximately seven percent in gross rental yield at 100 percent occupancy,” the prospectus states, with investor returns projected at between seven and eight percent and quarterly dividend distributions of about five percent.
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The fund said the listing offers investors access to a professionally managed, income-generating real estate portfolio, supported by tax efficiencies and enhanced dividend yields.
“Backed by blue-chip tenants such as Simbisa and TM Pick n Pay and other high-quality tenants, including DisPharm, Bhola, Pro Farmer and TV Sales & Home, the properties offer long-term stability and income visibility, boosting confidence and driving investor demand. As demand builds, so does the upside potential, making this REIT a compelling gateway into Zimbabwe’s high-growth real estate sector.” -herald
