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Economic development

Zimbabwe's Economic Transformation Takes Flight with Eagle REIT Listing on VFEX

Strategic Insights

— 1 min read

The listing of the Eagle Real Estate Investment Trust (REIT) on the Victoria Falls Stock Exchange (VFEX) marks a significant milestone in Zimbabwe's economic transformation. The REIT, which officially listed on May 16, is the first of its kind on the VFEX and demonstrates the nation's ambition to attract both domestic and international capital for infrastructure development. Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube presided over the listing, highlighting its alignment with the Government's Vision 2030.

Key Takeaways:

  • The Eagle REIT listing marks a critical leap forward in the development of Zimbabwe's capital markets and economic transformation agenda.
  • The listing of the REIT aligns with the Government's Vision 2030, which aims to mobilise resources for infrastructure and economic diversification.
  • The REIT's portfolio features two anchor projects: Mazowe Walk and the Victoria Falls Eagle Heights mixed-use development, with a total value of US$43 million.
  • The Victoria Falls Eagle Heights project is 95 percent complete and within budget, with civil works including roads and stormwater drainage accounting for 95 percent of the progress.
  • The REIT has attracted over 90% of local pension funds and insurers, who constitute the majority of investors at listing.
  • The listing sends an essential signal to the market, indicating that Zimbabwe is open for sophisticated, long-term capital.

Statistics:

  • 16th counter on the VFEX since its inception in 2020.
  • 95% completion rate of the Victoria Falls Eagle Heights project.
  • US$43 million total value of the Eagle REIT's portfolio.
  • 90% of local pension funds and insurers constitute the majority of investors at listing.
  • 95% of civil works completed on the Victoria Falls Eagle Heights project.

Sources:

  • Zimbabwe Government

Professor Mthuli Ncube, Finance, Economic Development and Investment Promotion Minister

Mr Desmond Matete, ZHL board chairperson

Mrs Caroline Sandura, Zimbabwe Stock Exchange group board chairperson

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