Eagle Real Estate Investment Trust (REIT) says it delivered a stronger-than-anticipated performance during the first quarter ended 31 March 2026, driven by robust residential stand sales, improved profitability margins and prudent cost control measures.
The real estate investment trust, which is managed by Eagle Asset Management, a subsidiary of Zimre Holdings, said development proceeds continued to be invested in accordance with the phased construction programme for its flagship mixed-use project in Victoria Falls.
In a trading update, the REIT reported continued progress across its key developments, with Mazowe Walk Mall emerging as a significant contributor to recurring income following its completion and commissioning during the quarter.
The retail centre achieved an occupancy level of 93 percent during the period under review.
“This milestone represents a significant step in expanding the REIT’s recurring income-generating asset base,” the trust said.
The REIT also commenced construction of a drive-through quick-service restaurant at the mall, which is expected to begin operating during the third quarter of the year.
“Further, the construction of a drive through quick service restaurant commenced, with the expectation to open to the public in the third quarter,” Eagle REIT said.
Meanwhile, development activity at the Victoria Falls mixed-use precinct remained on track, with civil engineering works and apartment construction progressing according to schedule.
Residential stand sales continued to provide a major source of revenue, supported by strong demand from both institutional investors and individual buyers.
The REIT said preparations are underway for the next phase of development, which includes construction of a hospital within the Victoria Falls project.
“The REIT intends to hand over the hospital site to the contractor in the second quarter of 2026,” it said.
Looking ahead, Eagle REIT said it remains optimistic despite potential risks associated with global energy price fluctuations, which could increase development and operating costs.
Management believes the trust’s US dollar-denominated asset portfolio and diversified pipeline of projects provide a solid foundation for long-term growth and value creation.
“The property market remains resilient, supported by strong diaspora inflows, institutional demand for real assets, and continued infrastructure development across major urban centres,” the REIT said.
The trust added that investor appetite for assets generating US dollar-denominated income continues to underpin demand for quality property developments.
“Investor preference for USD-denominated income streams continues to support demand for quality commercial and residential developments, particularly within suburban commercial nodes and emerging tourism corridors such as Victoria Falls,” Eagle REIT said.
The REIT said strong market fundamentals and ongoing development activity position the business to sustain growth while increasing its portfolio of income-producing assets.
Eagle REIT made history in May last year when it became the first real estate investment trust to list on the Victoria Falls Stock Exchange, a move widely viewed as an important milestone in efforts to attract long-term domestic and foreign investment into Zimbabwe’s property and infrastructure sectors.