Online Reporter
Martin Kadzere
The Victoria Falls Stock Exchange (VFEX) is set to welcome a new real estate player following the successful close of the Pfuma Fund Real Estate Investment Trust’s (REIT) private placement, which achieved a 100 percent subscription rate from the public.
Arctic Blue Asset Management, the fund manager, said the offer, which ran from December 11, 2025, to January 23, 2026, successfully raised its targeted US$25 million.
The public offer for subscription of 250,351,750 units at a price of US$0,10 per unit was fully taken up, reaching its valuation target of US$25,03 million.
In addition to the public offer, 221,000,000 units were allotted to the promoter in exchange for “seed properties” – existing real estate assets that will form the foundation of the REIT’s portfolio.
These properties are valued at US$22,1 million.
The listing of the Pfuma REIT, trading under the ticker PFUM.VX, marks another significant milestone for the VFEX.
It provides investors with a liquid vehicle to invest in Zimbabwe’s real estate sectors while enjoying the tax incentives and hard-currency dividend yields associated with the offshore exchange.
Under the current regulatory framework, REITs are exempt from corporate income tax, provided they distribute at least 80 percent of their taxable income to unitholders.
According to the fund manager, the allotment of the subscribed units will be finalised by February 3, 2026.
Trading is expected to officially commence on Wednesday, February 4, 2026, subject to final regulatory approvals.
