Serrari Group

The Revitus Property Opportunities Real Investments Trust (Revitus REIT) has made history as the second Real Estate Investment Trust (REIT) to be officially listed on the Zimbabwe Stock Exchange (ZSE). Following in the footsteps of Tigere, which secured the first listing last year, Revitus REIT’s official listing took place yesterday, marking a significant milestone in the country’s capital market development.

Revitus REIT, a product of the NRZ Contributory Pension Fund (NRZCPF) managed by CBZ Asset Management’s Datvest unit, with Stanbic Bank serving as the trustee, has garnered notable attention for its unique approach to investment product innovation.

During the listing ceremony, Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube expressed the government’s continued support for such investment product innovations that contribute to the growth of the country’s capital markets and the mobilization of savings.

Minister Ncube highlighted the government’s motivation for allowing the establishment of REITs in the country, emphasizing the role they play in providing liquidity for pension funds overexposed to real estate assets. Legislative changes and tax incentives paved the way for the establishment of REITs in Zimbabwe.

He commended Revitus REIT as the first to be licensed by the Securities and Exchange Commission of Zimbabwe and the first to be promoted by a pension fund for listing. Minister Ncube congratulated the NRZ Contributory Pension Fund for its bold move, considering it one of the largest pension funds in the country and a significant owner of office blocks in cities.

The Revitus REIT, granted prescribed asset status by the Ministry of Finance, is expected to play a crucial role in the country’s infrastructure development, with a specific focus on revitalizing buildings and contributing to urban renewal.

Minister Ncube affirmed the government’s support for such initiatives, highlighting the importance of regulated products like REITs for investors seeking safe and stable avenues. The minister drew parallels with successful urban regeneration initiatives worldwide, emphasizing the potential to reconfigure buildings to suit modern consumer patterns and accommodate small and medium-scale enterprises.

Mr. Takunda Madanha, NRZ Contributory Pension Fund board chairperson, echoed Minister Ncube’s sentiments, emphasizing the REIT’s potential to revive construction activity in city centers as part of the urban renewal concept. He noted that REITs provide a secure investment avenue for diasporas interested in property.

Market analysts view REITs as a fair investment option, especially for pension funds, offering an opportunity to raise funds for the rejuvenation of dilapidated buildings, particularly in central business districts (CBDs).

In a successful initial public offering (IPO) that ran from November 15, 2023, to December 14, 2023, Revitus REIT raised an impressive $48.55 billion. Trading for Revitus REIT is set to commence on the ZSE on Wednesday, December 20, 2023. The listing is anticipated to contribute to the revitalization of Zimbabwe’s capital markets and stimulate economic growth.

By: Delino Gayweh

Serrari Financial Analyst

December 22, 2023

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