Revitus Property Opportunities Real Estate Investment Trust has reported a strong set of unaudited results for the half year ended 30 June 2026, driven by improved property operations and significant fair value gains from its listed equities portfolio. The Trust, which is registered as a Collective Investment Scheme and managed by CBZ Asset Management trading as Datvest, saw its profit for the period surge to US$5.27 million from US$187,297 recorded in the comparable period last year.
In its Fund Manager’s report, Revitus said Zimbabwe’s economy demonstrated encouraging resilience during the period, with inflation remaining in single digits anchored by a stable exchange rate and prudent monetary policies. Monthly inflation averaged 0.5 percent in local currency and 0.4 percent in United States dollar terms, while annual inflation stood at 4.4 percent and 1.9 percent respectively, a development that fostered price stability, business confidence and a favourable environment for investment. The regulatory landscape also advanced to strengthen macroeconomic stability, financial sector resilience and financial inclusion, including a more flexible transition to a mono-currency regime. The property market maintained a cautiously optimistic outlook, supported by urban expansion, foreign direct investment, infrastructure development and continued demand for real estate as a secure investment class, with growth evident in suburban retail and office spaces, logistics, SME business premises, residential projects and the repurposing of old CBD buildings, although low disposable incomes, high construction and borrowing costs and infrastructure constraints remain challenges that need to be proactively managed.
A key strategic highlight during the period was progress on the Chester House pilot project, which entails transforming office space into a licensed 3-star hotel with 103 rooms. The Trust confirmed that following approval of the architectural plans by the City of Harare, final designs and tender preparations are being finalised, with site preparation scheduled to commence in September 2026 and completion targeted for the third quarter of 2027. The hotel will operate under the Ekono by Leva brand, with operations managed by Dubai-based Leva Hotels through a management agreement, marking a significant step in Revitus’s hospitality diversification strategy.
Portfolio performance improved markedly across key metrics. Occupancy rose to 69 percent as of June 2026 from 52 percent in December 2025, supported by improved tenant placement efforts and repairs to key amenities such as elevator upgrades to enhance attractiveness and operational efficiency. Net property income grew by 22 percent to US$442,762 from US$362,086, driven by a 12 percent rise in rental income to US$576,335 and reduced utility expenses. The collection ratio increased to 92 percent in the first half of 2026 from 82 percent in the first half of 2025, despite market liquidity challenges, owing to ongoing credit control measures. Year-on-year operating profit excluding fair value gains increased by 43 percent to US$436,718 from US$304,678, reflecting core operational recovery, while net asset value per unit rose by 21 percent to 8.20 US cents from 6.79 US cents in December 2025, supported by improved profitability and growth in total assets. Total assets grew to US$30.45 million from US$25.32 million in December 2025, with net asset value increasing to US$30.19 million from US$25.01 million.
Funding available for renovation projects, predominantly invested in listed equities ceded to the REIT as an underwriting commitment by the promoter NRZ Contributory Pension Fund, grew by 60 percent from US$9.4 million in December 2025 to US$15.1 million in June 2026, supported by robust performance on the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange. The equities portfolio closed the period at US$12.69 million after recording fair value gains of US$4.84 million during the half, compared to a loss of US$117,381 in the prior year, and this was the primary driver of the sharp increase in profit. The Trust also held US$2.39 million in money market investments and US$190,803 in cash and cash equivalents, while investment property was maintained at US$14.15 million and work in progress for Chester House renovations stood at US$885,741.
In line with its commitment to pay quarterly distributions, the REIT declared a second quarter dividend of US$73,370, being 0.01992 US cents per unit for the quarter ended 30 June 2026, with important dates outlined in a dividend notice published separately. The Trustee confirmed that the scheme was managed in accordance with the Collective Investment Schemes Act and the Revitus REIT Deed, with the financial statements authorised for issue on 28 August 2026. Management said the outlook remains positive, supported by strong prospects in agriculture and mining, improved energy supply and ongoing fiscal reforms to streamline the business environment, with focus remaining on completing the Chester House conversion and sustaining operational efficiencies.
