The Pfuma Fund Real Estate Investment Trust has opened a US$25 million private placement following the release of its prospectus, paving the way for the listing of the property fund on the Victoria Falls Stock change.

Subscriptions opened on December 11, 2025 and will close on January 23, 2026. The offer involves 250 million units priced at US$0.10 each, with a total of 471 million units set to be listed on the VFEX by way of introduction. The units are tax-exempt.

According to the prospectus, Pfuma REIT has been seeded with a US$22.1 million retail property portfolio comprising Hogerty Hill Centre and Chegutu Retail Centre, which together provide 16,107 square metres of gross lettable area.

“The Pfuma Fund was established by the Asset Manager and Trustee as per the Trust Deed,” the prospectus states, adding that Farmhouse Company (Private) Limited and Blue Elf Investments (Private) Limited collectively subscribed to 221 million units “in lieu of seeded properties.”

The prospectus notes that Farmhouse Company seeded Hogerty Hill Centre for 186 million units, while Blue Elf Investments seeded Chegutu Retail Centre for 35 million units, both at an issue price of US$0.10 per unit.

Describing the portfolio strategy, the prospectus says: “The Fund’s portfolio is anchored in prime retail properties strategically located in high-traffic, previously underserved markets, offering strong growth potential and a diversified tenant base.”

Tenants at the two centres include TM Pick n Pay, Simbisa Brands quick service restaurant outlets, Distell Pharm, Bhola, Pro Farmer and TV Sales & Home. Chegutu Retail Centre is fully occupied, while Hogerty Hill Centre currently stands at about 70 percent occupancy, with full occupancy targeted by the end of the first quarter of 2026.

“These properties generate approximately seven percent in gross rental yield at 100 percent occupancy,” the prospectus states, with investor returns projected at between seven and eight percent and quarterly dividend distributions of about five percent.

The prospectus further outlines an expansion pipeline, starting with the acquisition of Cork Corner in the first quarter of 2026.

“In the first quarter of 2026 the Fund will further expand through the acquisition of Cork Corner, a well-established QSR mall currently owned and operated by Simbisa Brands Limited’s subsidiary Sunrise Children,” the document states. It adds that the transaction will be settled through the issuance of Pfuma units and will be “subject to VFEX regulatory approval.”

Cork Corner has a gross lettable area of 1,203 square metres and is expected to deliver a gross rental yield of about 7.8 percent.

Looking beyond the initial acquisition, the prospectus says proceeds from the listing will be channelled into a broader development pipeline.

“Proceeds from the Pfuma REIT’s listing will be strategically deployed in high-impact commercial growth acquisitions across Zimbabwe,” the prospectus states, citing Project Eastlea, Project Chivhu, Project Yellowstone and Project Silverbrook as part of the 2026 rollout.

“Thesep new properties are expected to be operational within the 2026 calendar year, comprise approximately 18,000 square metres of gross lettable area and are projected to generate an estimated gross rental yield of 11 percent in their first year of operations, assuming 100 percent occupancy,” it adds.

The promoters, trustee and REIT manager have collectively assured investors of the accuracy of the disclosure, stating in the prospectus: “To the best of our knowledge and belief there are no facts that have been omitted which would make any statement false or misleading.”

The prospectus has been approved by the VFEX, which, however, noted that it “takes no responsibility for the contents of this Prospectus… and expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of this Prospectus.”

Pfuma REIT is managed by Arctic Blue Asset Management, with CABS acting as trustee. Blue Elf Investments and Farmhouse Company are the promoters, while IH Advisory Securities is the financial adviser and IH Securities the sponsoring broker.