Eagle REIT closed 2025 with a decisive shift from development to income generation, recording 65.5% growth in total assets and the first rental revenues in its history as strategic projects reached key milestones.
Zimbabwe’s economy rebounded strongly in 2025, with real GDP growth estimated at 6.6% according to the 2026 National Budget Statement. The recovery was broad-based, driven by improved agriculture after favourable rains, solid mining performance on the back of elevated commodity prices, and continued expansion in services.
Macroeconomic stability also improved materially following the introduction of the Zimbabwe Gold (ZWG) in April 2024 and tight monetary policy. Month-on-month inflation stayed below 1% for most of 2025, while the ZWG depreciated by just 0.7% on the official interbank market and the parallel market premium was contained below 20%. Foreign currency inflows from mining receipts and diaspora remittances strengthened reserve backing.
For Eagle REIT, currency stabilisation and predictable inflation enhance the reliability of both USD and local currency cashflows, and strengthen investor confidence in long-tenor, USD-denominated real assets.
The construction sector grew an estimated 4.8% in 2025, underpinned by a two-million-unit housing deficit, continued urbanisation, and real estate’s role as a store of value. Key trends included a migration to mixed-use and suburban nodes to avoid CBD vacancies of up to 60%, growth in secure serviced residential and mid-market housing, and rising demand for off-grid, resilient properties.
Tourism nodes outperformed, with Victoria Falls Rainforest recording 438,553 visitors in 2025, up 11% year-on-year. This underpins demand for hospitality, residential and healthcare infrastructure — directly aligned to Eagle REIT’s Eagle Heights precinct. With pension funds and institutions seeking prescribable, USD-linked yields, the scarcity of bankable, income-producing assets reinforces the Fund’s positioning as a capital mobilisation vehicle.
Eagle REIT delivered on several commitments that de-risked the portfolio and unlocked value. The REIT was listed by way of introduction on the Victoria Falls Stock Exchange (VFEX) in May 2025, becoming the first REIT on Zimbabwe’s USD-denominated bourse. The listing improved visibility, governance and provided a market-based valuation reference.
Total capital mobilised reached USD 34.4 million, comprising equity, convertible debentures and term debt. USD 29.1 million (84.6%) was received and deployed into the development pipeline.
The Mazowe Walk Phase 1 achieved practical completion. Redan Service Station opened 24-hour operations in Q4 and is trading strongly. Anchor tenants, Spar and Simbisa, began fit-outs for Q1 2026 openings. The mall ended the year with 93% occupancy.
Civil infrastructure at the Eagle Heights Victoria Falls mixed-use precinct was completed. Designs for the hotel, hospital, apartments and villas were finalised. A Hotel Management Agreement was signed with Accor for a 111-key Novotel, and a commissioning agreement was concluded with Healthshare for a premium hospital. Eagle REIT has set 30 April 2027 as the targeted completion date for the Eagle Heights Apartments, 30 June 2027 for the 39-bed hospital, and 1 July 2028 for the hotel.
The Fund’s transition is reflected in the numbers for the year ended 31 December 2025. Total assets grew 65.5% to USD 39.5 million from USD 23.8 million, driven by USD 8.8 million of construction spend and a USD 3.3 million fair value gain. Investment property rose 56.8% to USD 31.5 million. Net Asset Value increased 50.6% to USD 30.2 million. Unitholders’ funds rose to USD 20.6 million following private placement issuances. Convertible debentures stood at USD 4.7 million, and a USD 2.0 million long-term loan was drawn from FBC Crown Bank.
Total income was USD 3.6 million, down from USD 7.1 million in 2024 due to lower stand sales as the strategy pivots from disposals to asset retention, and lower fair value gains. Critically, rental income of USD 49,714 was recognised for the first time with the opening of Mazowe Walk.
Profit was USD 2.9 million with earnings per unit of 2.10 US cents. Closing cash of USD 3.95 million provides liquidity for near-term obligations.
Eagle REIT is driving significant job creation through its development pipeline, with 275 direct local jobs already created during the civil works phase at Eagle Heights in Victoria Falls and an estimated 500–900 construction jobs projected during the full build-out of the hotel, hospital, apartments and villas. Upon completion, the precinct is expected to sustain approximately 450 permanent jobs in hospitality, healthcare, retail and residential management, while Mazowe Walk Mall is also set to generate operational employment as tenant occupancy increases.
Beyond direct employment, Eagle REIT’s social strategy focuses on delivering broader community value through improved healthcare access, infrastructure, and inclusive mixed-use developments, transitioning from short-term construction work to long-term, sustainable jobs anchored in tourism, healthcare and retail that support both local livelihoods and investor returns.
Eagle REIT enters 2026 with operational momentum and a clear mandate. Mazowe Walk is now income-generating and scaling up tenancy, while Eagle Heights moves into vertical construction of apartments, the hospital, and the hotel.
The REIT’s priorities are: secure funding and commence construction of the Novotel hotel; grow the unitholder base through continued private placement and a potential public offer; and deliver the apartment and hospital projects on time and on budget.
With structural undersupply, institutional capital inflows, and strong tourism fundamentals, the portfolio is positioned for both recurring income and capital appreciation. The Fund’s thesis remains focused on converting Zimbabwe’s infrastructure deficit into long-term, USD-denominated, institutional-grade returns for pension fund beneficiaries and other investors.
As the board notes, “Each stand developed, each hospital bed commissioned, each apartment unit delivered, and each hotel key opened advances that core thesis. The best chapters of Eagle REIT’s story are still being written.”
