Africa-Press – Zimbabwe. FINANCE Minister Mthuli Ncube has hailed the listing of Eagle Real Estate Investment Trust (REIT) on the Victoria Falls Stock Exchange (VFEX) as a “critical leap forward” in the country’s capital markets development and broader economic transformation.
Officially launched on Friday, the Eagle REIT represents a strategic move to deepen the country’s financial sector while mobilising domestic and international capital for infrastructure growth.
In his address, Ncube emphasised the significance of this milestone, stating that the introduction of an innovative asset class like a REIT reflects the maturing nature of Zimbabwe’s financial ecosystem.
“It is aligned with our drive to mobilise domestic and international resources towards infrastructure development and economic diversification,” he said.
He commended Fidelity Life Asset Management, the promoter and fund manager of Eagle REIT, for its long-standing expertise in fund management and property development.
By unlocking value from real estate assets and making them accessible to a wider investor base, the REIT not only enhances market liquidity but also supports national priorities in housing, urban regeneration, and tourism-led growth.
Eagle REIT’s debut on the VFEX is historic—it is the first REIT listed on the dollar-denominated exchange, signaling Zimbabwe’s strategic shift toward attracting offshore capital for local infrastructure projects.
The REIT’s portfolio includes high-impact developments such as Mazowe Walk, a mixed-use property featuring environmentally conscious design, and the US$43 million Victoria Falls Eagle Heights project.
The latter comprises a 120-key hotel, a high-end tourism hospital, a service station, and residential units, all targeting tourists and medical visitors.
Desmond Matete, board chairperson of Zimre Holdings, highlighted the progress of these projects, noting that Phase 1 of Mazowe Walk was already complete, while civil works at Eagle Heights were 95% done, on budget, and injury-free.
The listing is expected to bring multiple benefits, including greater transparency in the real estate market, broader investor participation, and improved price discovery.
Ncube urged stakeholders—from regulators to pension funds—to support the sector through streamlined processes, tax incentives, and blended finance mechanisms.
This collaborative approach, he argued, is essential for sustaining long-term economic gains.
Zimbabwe Stock Exchange Group chairperson Caroline Sandura echoed this optimism, describing Eagle REIT as a testament to VFEX’s investor-focused, growth-driven ethos.
“This is also an essential signal to the market. It tells our diaspora, international investors, pension funds, and asset managers that Zimbabwe is open for sophisticated, long-term capital,” she said.
“It says we are not just surviving; we are building, innovating, thriving, and, like an eagle, we are soaring.”
The REIT’s hard-currency structure further enhances its appeal, offering competitive returns while bolstering the nation’s infrastructure stock.
The timing of this development aligns with Zimbabwe’s economic rebound, projected at 6% growth in 2025, driven by improved agriculture and energy output.
Infrastructure investment remains pivotal to this recovery, and Eagle REIT’s projects—spanning tourism, healthcare, and housing—are poised to stimulate employment, formalise informal real estate, and ignite value chains.
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