Sidumisile Mabena
Rutendo Nyeve
PFUMA Real Estate Investment Trust (Pfuma REIT) officially listed on the Victoria Falls Stock Exchange (VFEX) on Friday, becoming the 18th counter on the bourse and only the second REIT to do so.
The ceremony to mark this resounding vote of confidence for Zimbabwe’s capital markets was held at a local hotel in Victoria Falls and was graced by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, who hailed the development as a significant step forward for the economy.
The listing, which saw the fund successfully raise over US$25 million, was met with overwhelming investor demand, having been oversubscribed.
Prof Ncube said the milestone aligns perfectly with the Government’s National Development Strategy 2 (NDS 2) and the broader Vision 2030.
“This listing positions Pfuma REIT as the second Real Estate Investment Trust on the Exchange and the eighteenth counter on the VFEX. It reflects the steady growth, increasing depth and ongoing diversification of our capital markets architecture,” said Prof. Ncube.
He added that REITs are a powerful instrument for mobilising long-term savings.
“Mobilisation of long-term savings for national development is thus key to achieving Vision 2030. The private sector on the other hand, is expected to mobilise capital, and make investments that drive economic growth,” he said.
Prof Ncube also highlighted the inclusivity of the investment, noting the participation of retail investors through platforms like VFEX Direct.
“REITs also offer a simplified way to invest in property without owning physical assets, hence allow ordinary Zimbabweans to participate in income-generating real estate assets. This is in line with the national vision for shared growth, shared prosperity and wealth creation – ‘leaving no one and no place behind’,” he said.
Pfuma Fund Advisory Board Chairperson, Mr Luke Ngwerume, described the listing as a defining chapter for the fund, transforming a two-year-old dream into reality.
He explained that the name ‘Pfuma’, which means treasure, wealth, or inheritance in Shona, speaks to the legacy they aim to build.
“This listing is not just about capital allocation, deployment and raising. It is about raising standards. It is about embedding governance, strengthening resilience, and ensuring that every Zimbabwean investor, whether institutional or retail can participate in a property fund that reflects their aspirations,” said Mr Ngwerume.
He proudly reported that the fund was already trading north of 15 US cents per unit, above its listing price of 10 US cents.
The success of the listing was also celebrated by the VFEX leadership.
The ZSE Holdings Chairperson, Mrs Caroline Sandura in her opening remarks, underscored what this milestone means for the exchange’s five-year journey.
“The listing of Pfuma REIT adds depth and diversity to our product offering. The success of this capital raise further affirms the value proposition of the VFEX,” she said.
“The cumulative capital mobilised during this period underscores the Exchange’s growing relevance as a funding avenue for corporates seeking stable foreign currency financing.”
The ceremony was attended by Government officials, representatives from the Securities and Exchange Commission of Zimbabwe, and key market players, signaling strong public-private partnership in driving the country’s economic agenda.
Online Reporter