Zimbabwe is poised to deepen the reach of its nascent Victoria Falls Stock Exchange (VFEX) with the scheduled Pfuma REIT VFEX listing on 4 February 2026, marking a fresh milestone for foreign-currency capital markets in the southern African nation.
The Pfuma Fund Real Estate Investment Trust (REIT), a vehicle designed to aggregate investment into commercial and retail property assets, will begin trading on the VFEX after a subscription period that ran from 11 December 2025 to 23 January 2026.
The introduction of Pfuma REIT follows the successful listing of Eagle REIT in mid-2025 and continues efforts to bolster the VFEX as a hub for dollar-denominated securities that can attract both domestic and international capital.
Pfuma REIT’s initial portfolio carries an estimated value of US$22.1 million and comprises income-producing retail properties leased in U.S. dollars.
Core assets include Hogerty Hill Centre, serving communities in Zimbabwe’s northern suburbs, and Chegutu Retail Centre, anchored by established tenants such as Revo and Gain Cash & Carry.
These assets contribute significant gross lettable areas and deliver rental yields in the mid to high single digits, according to the fund’s prospectus.
The prospectus also outlines plans to expand the portfolio with Cork Corner, a quick-service restaurant complex in the capital’s Avondale district, valued at around US$6.94 million and expected to deliver a 7.8 per cent gross yield.
Unlike traditional property investment that often requires direct ownership, REITs provide a structure whereby investors can gain exposure to real estate income streams, typically through dividends, while enjoying liquidity via an exchange listing.
Pfuma REIT is anticipated to distribute at least 80 per cent of its net income as quarterly dividends, with a stated target yield of approximately 5 per cent, a feature that could appeal to income-seeking investors.
The VFEX, launched in 2020 as Zimbabwe’s second stock exchange and operating in U.S. dollars, has seen increasing activity despite a challenging macroeconomic backdrop.
Market observers note that the bourse recorded significant gains in 2025, with overall market capitalization climbing amid increased listings and investor engagement.
Pfuma REIT’s listing comes at a time when the VFEX is positioning itself as a preferred platform for listings that can access hard-currency investment without the exchange risks posed by local currency fluctuations.
Eagle REIT’s earlier debut on the VFEX set a precedent for real estate securities on the bourse, broadening the scope of assets available for trading beyond traditional equities and resource-sector companies.
Pfuma’s listing is being conducted by way of introduction, meaning that its units will be admitted to trading without a conventional initial public offering.
This method enables existing capital commitments, secured via a private placement, to be transitioned into a traded format.
Under the arrangement, 471 million units of the trust will be made available on the VFEX, priced at US$0.10 per unit. The units are reportedly tax-exempt under Zimbabwe’s REIT regime, enhancing their appeal to certain classes of investors.
Arctic Blue Asset Management serves as the REIT’s investment manager, with CABS Custodial Services acting as trustee to safeguard unitholder interests. IH Securities (Private) Limited has been designated as the sponsoring broker for the transaction.
Proponents of Pfuma REIT’s listing argue that broadening access to commercial real estate investment will stimulate growth in Zimbabwe’s property sector and encourage greater participation from institutional investors who seek stable U.S. dollar returns.
The REIT’s expansion plans extend beyond existing assets.
Pursuant to the prospectus, Pfuma intends to deploy capital for developing and acquiring four pre-leased retail projects in Harare, Chivhu, Ruwa and Kwekwe, strategic urban and peri-urban markets, projected to collectively expand the portfolio’s footprint and yield potential.