Eagle Real Estate Investment Trust is set to seek unitholders’ authority to raise up to USD35 million in fresh capital over the next three years, as the fund moves to accelerate acquisitions and development in Zimbabwe’s property sector.
Under the proposal, capital may be secured through private placements, strategic or institutional subscriptions, property-backed subscriptions, convertible instruments, or other approved structures. Any units issued would follow the Trust Deed, approved Net Asset Value-based pricing methodology, and all applicable regulatory and listing requirements of the Victoria Falls Stock Exchange and the Securities and Exchange Commission of Zimbabwe. The Trust stated that the authority is intended to provide capital-raising flexibility to support the development, acquisition, and scaling of its property portfolio. All units issued under the authority would rank equally with existing listed units once admitted to trading on VFEX
The proposal forms part of the special business to be tabled at Eagle REIT’s Annual General Meeting scheduled for 8 July 2026 at 09:00hrs.
Unitholders will receive and consider the audited financial statements for the year ended 31 December 2025, together with the auditors’ report. The meeting will also vote on the reappointment of Kreston Zimbabwe Chartered Accountants as independent auditors for a fourth year, and on approval of their remuneration for the past financial year. Fees paid or payable to members of the Fund Advisory Board for FY2025 will be presented for noting. The Trust clarified that the Advisory Board is a voluntary governance structure, and its fees are treated as a governance expense subject to Trustee oversight and disclosure, rather than as statutory director remuneration.
A second ordinary resolution seeks to ratify and approve the listing of 42,317,913 units already issued through private placement or conversion of convertible debt. The units were priced per the Trust Deed and NAV-based methodology at the relevant subscription or conversion dates. If approved, the Trust will proceed to apply for the additional listing on VFEX, bringing the total issued units to 181,618,500. This would align the listed-unit register with the issued-unit register. Existing listed units currently stand at 139,300,587.
Explanatory notes accompanying the notice stressed that each tranche of units issued or listed remains subject to the Trust Deed, regulatory approvals, VFEX admission requirements, and further disclosures as required by law. The Trust also noted that the resolutions do not waive separate approvals that may be required for related-party transactions, connected-person deals, or any matter where VFEX or SECZim mandates additional consent. The passing of the resolutions would not constitute a public offer of securities, with any issuance to comply with private placement and securities law requirements.
Ordinary resolutions will pass by simple majority of votes cast by unitholders present or represented by proxy. Proxies must be lodged with the Company Secretary or Transfer Secretaries at least 48 hours before the meeting.
The audited financial statements for FY2025 are available for inspection at the Trust’s registered office and may be obtained from the REIT Manager.
The proposed capital authority, if granted, would give the fund scope to pursue new real estate opportunities while maintaining compliance with the Collective Investment Schemes Act [Chapter 24:19], the Securities and Exchange Act [Chapter 24:25], and VFEX Listings Requirements. The outcome of the 8 July meeting will determine the pace at which Eagle REIT can deploy capital into Zimbabwe’s property market over the next three years.
Eagle Real Estate Investment Trust has sharpened its investment focus on four key sectors, tourism, healthcare, retail, and residential, with Mazowe and Victoria Falls identified as priority growth nodes in its drive to build a nationally diversified portfolio.
The National Development Strategy 2 (NDS2), covering 2026–2030, places “Strengthening Devolution and Decentralisation” as a core thematic area to promote balanced regional development. By channelling investment into real estate assets outside Harare and Bulawayo, Eagle REIT’s portfolio expansion would help operationalise that policy by creating anchor infrastructure that attracts businesses, tenants, and ancillary services to underserved regions.
