Fidelity Life Asset Management Launches Eagle REIT...

Fidelity Life Asset Management Launches Eagle REIT with US$60M Investment Goal

Oscar J Jeke- Zim Now Reporter

Fidelity Life Asset Management is launching the Eagle Real Estate Investment Trust, aiming to raise approximately US$60 million to invest in the development of medical, hospitality, and residential facilities in Victoria Falls and Mazowe.

The Eagle REIT’s flagship project is a US$42.4 million mixed-use complex in Victoria Falls. It will feature a 120-room hotel to be operated by Arco Hotels, a 32-bed hospital managed by South Africa’s Health Share, 154 residential townhouses and apartments, and a shopping center. The development spans approximately 12.3 hectares and is located 5 kilometers from Victoria Falls town along the Bulawayo Road.

Fidelity Life Asset Management Managing Director Berven Ngara highlighted the strategic focus on foreign currency-generating real estate assets, stating, “We are investing in the hospitality industry, particularly in Victoria Falls, which has long been a dollarized market.”

The REIT has already secured US$24.5 million from investors, with nearly US$20 million already deployed. The fund plans to list on the Victoria Falls Stock Exchange in the fourth quarter of this year, offering over 35 million shares to the public.

In Mazowe, the Eagle REIT has completed the construction of Mazowe Walk, a US$12.2 million mixed-use complex comprising retail outlets, residential flats, and a clinic. Although the initial anchor tenant, OK Zimbabwe, withdrew as part of its financial restructuring—reducing occupancy rates from 83% to 45%—Fidelity is actively engaging potential new tenants.

The Eagle REIT has been granted prescribed asset status for up to US$60 million, providing a profitable avenue for the group to deploy investments that support regulatory compliance.

Fidelity Life Assurance Group Chairman Mr. Livingston Gwata emphasized the company’s commitment to providing market-driven products that meet customers’ needs. “As we continue to adapt to changing market dynamics and embrace emerging technologies, we have embarked on a group-wide digitalization and system upgrade aimed at enhancing convenience at all our customer touch points,” he said.

The Eagle REIT is expected to pay out at least 80% of its attributable profits as dividends annually, with quarterly distributions, offering investors a consistent income stream.