Zimbabwe's REIT Universe: 4 Listed, 1 Pre-Listing: Here's What You Need to Know

By Location.ZW Research

Until now, there was no central platform to analyse Zimbabwe's listed REITs. Property Intel, in the Location.ZW ecosystem, now provides one. Here's what you need to know about every REIT on the ZSE and VFEX as of May 2026.

What Is a REIT?

A Real Estate Investment Trust (REIT) is a vehicle that owns, operates, or finances income-producing property. Under the Zimbabwean regime, a REIT is generally exempt from corporate income tax and must distribute approximately 80% of taxable income to unitholders to maintain that status. REITs allow ordinary investors to earn rental income from commercial property without buying a building. Think of it as buying units in a property portfolio.

The Zimbabwean REIT Universe: 4 Listed + 1 Pre-Listing

1. Tigere REIT (ZSE: TIG), listed 30 November 2022

Zimbabwe's first REIT. Managed by Terrace Africa Asset Management. Anchored by Highland Park retail complex in Harare with a second yield-accretive acquisition at Chinamano Corner in 2025. Listed on the ZSE in ZWG but collects rentals and distributes dividends in USD. Quarterly distributions. Portfolio NAV rose from US$34.03M to US$59.48M during FY2025 (a 75% increase). Distributable income per unit up 23.2% in FY2025. Multiple to NAV (per Intellego comparable analysis, May 2026): 1.73x.

2. Revitus REIT (ZSE: REV), listed 18 December 2023

Second REIT on the ZSE. Managed by CBZ Asset Management (Datvest). Seeded with property assets from the National Railways of Zimbabwe Contributory Pension Fund. Strategy is regenerative: acquire distressed urban commercial property and reposition it as modern green-rated stock. Tag-line: redesign, renovate, regenerate. As a value-add vehicle rather than a stabilised-income REIT, Revitus does not trade on stabilised yield metrics. The Intellego comparable analysis specifically excluded it from the "reliable data" comparable set for that reason.

3. Eagle REIT (VFEX: EAGL.VX), listed 16 May 2025

Zimbabwe's first USD-denominated REIT, listed on the Victoria Falls Stock Exchange. Managed by Fidelity Life Asset Management. Tourism, healthcare, and retail focus, with projects in Victoria Falls and Mazowe. Initial private placement raised US$24.5M, with a total target raise of US$62M. 80% mandatory distribution policy. Multiple to NAV (per Intellego comparable analysis, May 2026): 1.24x.

4. Pfuma REIT (VFEX: PFUM.VX), listed 6 February 2026

Second USD-denominated REIT on VFEX. Managed by Arctic Blue Asset Management, with CABS as trustee. Successfully raised US$25.04M against a US$25M target. Seed portfolio: Hogerty Hill Centre (Harare) and Chegutu Retail Centre. Target gross rental yield of approximately 7% at full occupancy; target investor return 7–8% with quarterly dividends. Multiple to NAV (per Intellego comparable analysis, May 2026): 2.14x, the highest of any major-market REIT category tracked by published global indices.

5. Seatrite Five REIT (Pre-listing)

Zimbabwe's first aparthotel REIT: a 148-room Radisson-managed aparthotel in Borrowdale, structured under the Collective Investment Schemes Act and seeded by WestProp Holdings. Under construction, with a VFEX listing expected post-completion. Promoter guarantees a Year 1 yield of 8% per published prospectus material. Not yet trading.

How Zimbabwean REIT multiples compare

The Zimbabwean REITs trade at unusually high premiums to NAV by global benchmarks. US REITs traded at a 16.2% median discount to NAV at end-January 2026 (S&P Global Market Intelligence). UK commercial REITs typically trade at 0.65x to 0.85x NAV. Kenyan REITs at 0.46x to 0.51x. The Zimbabwean 1.24x to 2.14x band is the global outlier, driven by USD-yield scarcity, constrained supply, mandatory distribution discipline, and likely conservative NAV reporting against international fair-value benchmarks. Our full structural analysis covers the drivers in depth.

How to Invest

REIT units are purchased through licensed stockbrokers. You need a brokerage account with a SECZ-registered broker. Property Intel's REIT Analysis Hub provides detailed analysis of each REIT, and its Portfolio Optimizer helps you find the right allocation.

Disclaimer: This article is for educational purposes only and does not constitute investment advice under the Collective Investment Schemes Act [Chapter 24:19]. Consult a licensed investment advisor.

Educational analysis, not investment advice. First published by Location.ZW Research, 7 April 2026.