Staff Writer
The Victoria Falls Stock Exchange this morning listed its first Real estate investment trust, the Eagle REIT ,which becomes the first Reit to be listed on the bourse.
The REIT whose anchor projects are Mazowe Walk and Victoria Falls is seeking to raise US$62 million from the listing having already ssecured US$24.5 million through a private placement.
The money will be used for two afore- mentioned projects.
Speaking during the listing today in Victoria falls on the sidelines of the ZAPF 50th annual congress,ZHL Board Chairman Desmond Matete said Phase one of the Mazowe Walk had already been completed boasting of a state-of-the-art modern and alternative building technologies and practices aligned to the environment.
“Group’s thrust in ESG themes. This sits on a 6.9ha piece of land acquired from Mazowe RDC.As regards the circa.US$43mil Victoria Falls Mixed Use Development, the Eagle Heights, this development is on a 12.3ha piece of land and comprises a 120 key mid-scale internationally branded hotel (at circa.US$25.5mil); a highend 36 bed tourism hospital (circa.US$8.1million); a service station (circa.US$1.5mil) and 154 mid-range residential units (circa.US$7.7mil) targeting tourists, business visitors and persons seeking premier medical sservicesfrom the hospital facility,”he said
Matete said the group had deliberately targeted this listing on VFEX as it is making an offering which targets both local and international investor communities.
“The Eagle REIT is predominantly a hard currency, that is, USD Fund which is resource mobilizing for select high-impact developments in Zimbabwe with capacity to confer competitive returns to reward investors for their participation at the same time contributing towards the critical infrastructure stock of this country.Even more profound is the fact that we are answering to Government’s strategic thrust in designating the Victoria Falls as a Special Economic Zone for Tourism development, including offshore financial services. This policy pronouncement by Government makes it easy for us as economic agents from the private sector to play our catalytic role towards attainment of the national vision for iinvestmentattraction into Victoria Falls,” he said
VFEX and ZSE board Chairperson Caroline Sandura said through the listing, investors can gain exposure to Zimbabwe’s real estate sector in a secure and structured format while enjoying the advantages that VFEX offers.
She said this was also an essential signal to the market telling the diaspora,International Investors, pension funds, and asset managers that Zimbabwe was open for sophisticated, long-term capital.
” It says we are not just surviving; we are building, innovating, thriving, and, like aneagle, we are ssoaringI would also like to appreciate the efforts of our parent Ministry, the Ministry of Finance, Economic Development and Investment Promotion, and key stakeholders that include the Victoria Falls International Financial Services Centre, and all market participants.As VFEX, we remain committed to engaging constructively with all stakeholders, ensuring our exchange remains a transparent, liquid,and vibrant marketplace.As we celebrate today, we also envision a bright future for VFEX. With the support and collaboration of market participants, we can broaden investor access, deepen market participation, drive meaningful innovation and strengthen VFEX to become the most efficient and diversified exchange in Africa,” she said
The fund will issue 137,6 million units and will be managed by Fidelity Life Assurance, who will also be the anchor investor in the fund.
It will also have three underlying properties upon listing, with the largest and flagship assets being the mixed-use development in Victoria Falls.
