The Sunday News
Judith Phiri, Business Reporter
THE Revitus Property Opportunities Real Estate Investment Trust Fund (Revitus REIT) has been listed on the Zimbabwe Stock Exchange (ZSE), becoming the second REIT to be listed.
REITs are regulated investment vehicles under the Collective Investment Scheme Act that enables the issuer to pool investors’ funds for the purpose of investing in real estate. In exchange, the investors receive units in the trust and as beneficiaries of the trust share profits from the real estate assets.
Tigere was the first REIT to be listed on the ZSE last year. Tigere REIT is affiliated to Terrace Africa Asset Management.
Revitus REIT is a product of the NRZ Contributory Pension Fund (NRZCPF), managed and administered by CBZ Asset Management unit Datvest, while Stanbic Bank comes in as a trustee to oversee the interests of investors.
In a statement, ZSE chief executive officer (CEO), Mr Justin Bgoni said trading in Revitus REIT securities will commence with effect from Wednesday 20 December.
“The Zimbabwe Stock Exchange Limited is pleased to announce the listing of the Revitus Property Opportunities Real Estate Investment Trust (REIT) on Monday 18 December 2023. The Revitus REIT becomes the second REIT to be listed on the ZSE. The trading in Revitus REIT securities will commence with effect from 20 December 2023,” he said.
In her welcome remarks, the ZSE board chairman, Mrs Caroline Sandura highlighted how the market has witnessed an increased interest in REITs and how the ZSE has undertaken several initiatives to support the growth of REITs and deepen the capital markets.
She applauded the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube and his team for supporting the growth of the exchange through the addition of new products.
On the listing of the Revitus REIT, Prof Ncube said: “When the Government allowed for the setting up of REITs in Zimbabwe, the primary motivation was to allow pension funds who were over-exposed to the real estate asset class to use those properties to access liquidity from the capital markets and be in a position to pay member benefits timeously.”
He challenged all capital markets to market safer, regulated products as REITs to the wider public to forestall them losing their valuable savings through Ponzi schemes.
“The Revitus REIT will trade under the symbol: Rev.zw and ISIN ZW 000 903 002 5. Investors wishing to invest in the Revitus REIT are advised to consult their stockbroker or financial advisor for further guidance,” read part of the statement.
Meanwhile, launching the Revitus REIT in Bulawayo last month, NRZCPF board chairman, Mr Takunda Madanha said setting up the REIT was an opportunity to raise external funding and co-invest with like-minded pension funds and other investors to revive the selected buildings that were seeded into the REIT.
“The Revitus REIT came about to enhance the pension benefits of its members by improving the rental earning capacity and values of the underlying buildings. It will stem urban decay and contribute to the urban regeneration and revival of business districts (CBDs) through renovating and repurposing buildings,” he said.
He said they have got four properties that they are going to start with for repurposing, in Bulawayo it will be Africa House and Pioneer House and in Harare Atlas House and Electra House.
