Pfuma Fund REIT is set to list on the Victoria Falls Stock Exchange on February 4, 2026, giving investors access to Zimbabwe's retail property sector through a US dollar-denominated vehicle.
The real estate investment trust opened for subscriptions on December 11, 2025, with the offer closing on January 23, 2026. The minimum investment is USD 100, equivalent to 1,000 units priced at USD 0.10 each.
The REIT's initial portfolio is valued at USD 22.1 million and consists of income-generating retail properties leased in US dollars. Major tenants include TM Pick n Pay, Simbisa Brands, DisPharm, Bhola, Revo, and TV Sales & Home. The fund expects gross rental yields of between 7% and 8%, according to its prospectus.
Key assets include Hogerty Hill Centre, serving northern Harare suburbs, and Chegutu Retail Centre, which is fully let and anchored by Revo and Gain Cash & Carry. Chegutu is projected to deliver a gross yield of about 10%.
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Pfuma Fund plans to expand its portfolio in 2026 through new acquisitions and developments. The REIT intends to distribute at least 80% of net income as quarterly USD dividends, targeting an annual yield of around 5%.
Key Takeaways
Pfuma Fund's listing highlights the growing role of the Victoria Falls Stock Exchange as a platform for USD-denominated assets in Zimbabwe. Since its launch, the VFEX has positioned itself as an alternative to the local currency market, offering foreign-currency trading, clearer pricing, and stronger appeal to offshore and institutional investors. Retail real estate remains one of the more resilient property segments in Zimbabwe, supported by US dollar leases and strong tenant demand in high-traffic locations. Anchors such as supermarkets and quick-service restaurants provide more predictable cash flows than office or residential assets. The REIT structure also matters. Mandatory income distribution and a defined tax framework make the vehicle easier to assess for yield-focused investors. While the targeted dividend yield of around 5% is modest relative to some frontier-market risks, it reflects an emphasis on stability rather than leverage. Pfuma Fund's planned capital raise and pipeline of pre-leased developments signal confidence in demand for formal retail space. More broadly, the listing adds depth to the VFEX and reinforces its strategy of attracting commercial real estate and resource-backed listings priced in US dollars.
