Zimre’s Eagle to list on VFEX in May as its first REIT
HARARE – Zimre Properties plans to list its Eagle Real Estate Investment Trust (REIT) on the Victoria Falls Stock Exchange (VFEX) through a listing by way of introduction, scheduled for May 16, 2025. This will be the first REIT listed on the VFEX. It has prescribed asset status, aligning with the company’s strategy to enhance liquidity and mobilise capital for current and future property projects.
The Eagle Fund’s current development portfolio is valued at just over US$26 million, primarily encompassing land acquisition and site servicing costs. “The official listing of Eagle REIT on the VFEX is scheduled for May 16, 2025”, confirmed by Fund Manager Bevin Ngara. This strategic move aims to enhance market visibility and liquidity for the fund.
Key investors have already contributed US$9.6million toward the total project cost, with an additional US$5.5 million committed. These contributions are bolstered by third-party commitments exceeding US$20 million, indicating strong confidence and interest from institutional investors and strategic partners.
Notably, among the major shareholders are subsidiaries of Zimre Holdings, NSSA, and several pension funds such as Motor Industry, Hippo Valley, and Stanbic. Ngara emphasized that, due to the current tight liquidity environment, the company opted against an IPO at this stage, choosing instead to focus on private placements and debt financing to fund ongoing and future developments.
The company’s flagship developments, slated at around US$62.3 million, are concentrated in Mazowe and Victoria Falls, with targeted entry yields of approximately 8%. These strategically located projects position the fund competitively within the sector, with potential for steady income generation and long-term capital appreciation.
Early investors stand to benefit from a projected developer profit of around 15%. The fund maintains a sustainable and socially responsible approach throughout its cycle, aiming to create long-term value for investors and the surrounding communities.
Ngara emphasised that the fund’s development pipeline is highly diversified and founded on sustainable development principles. “Our team’s execution capability uniquely positions us to deliver long-term value for our investors,” he added.
As a Development REIT (D-REIT), the Eagle Fund focuses on acquiring and developing transformative assets in rapidly expanding urban centers. Its strategic sectors include Tourism and Hospitality, Health, Retail, and Residential—industries poised to drive future economic growth and infrastructure demand.
The diversified development pipeline, underpinned by sustainable principles and long-term lease commitments—particularly in foreign currency—addresses key investor concerns around stability and currency risk.
A key project is the Victoria Falls Mixed-Use Development, which includes a 32-bed hospital operated by South African healthcare provider Health Share, a hotel managed by global hospitality chain Accor Hotels, and 154 residential townhouses and apartments across 12.3 hectares. Civil works for this project began in March 2025, with most infrastructure expected to be completed by the listing date. Road paving started just before Easter, and investor site tours are scheduled from May 14 to 16 to coincide with the listing.
In Mazowe, the fund is developing a retail complex that includes a medical facility and residential units. Ngara confirmed that Phase One has been completed (see picture below), with snagging underway. Junction Road, which provides access, is expected to be finalized by May 9. Tenant handovers have already begun, with Redan and the 24-Hour Medical Center among the first to commence fit-outs.
After completing Mazowe’s first phase, the fund plans to attract quality tenants through a rigorous selection process, targeting an 80% pre-leasing rate for all eligible properties. Ngara emphasized that the fund prioritises long-term, foreign currency-denominated leases to ensure resilient and stable yields.
In Mutare, Fidelity Life—a subsidiary of Zimre Holdings—is converting an existing building into a hotel offering 120 to 130 rooms, further diversifying the portfolio.
Construction on Mazowe Mall began in September 2023, with its first phase expected to be operational by mid-2025. The Victoria Falls project, currently in civil works, is scheduled for completion within 36 months. -chroncile
