Revitus Real Estate Investment Trust (REIT) posted a US$4,6 million profit for the year ended 31 December 2025, driven by higher rental income, property valuations and gains on listed equities.
The profit rose sharply from US$665 756 recorded in the prior year, according to the REIT’s audited financial statements.
Fund manager Tendai Muzadzi said the performance reflected a combination of improved property operations and gains from the fund’s equities portfolio.
“The Fund posted a notable profit of US$4,6 million in 2025 on the back of a 27 percent growth in net property income,” Muzadzi said.
He added that the result was also supported by “US$3,37 million fair value gains” on listed equities, which benefited from recoveries on the Victoria Falls Stock Exchange (VFEX) and Zimbabwe Stock Exchange.
The equities portfolio gained 41% during the year. The assets were surrendered to Revitus by promoter National Railways of Zimbabwe Contributory Pension Fund as part of its underwriting commitment.
“These equities, initially used as a hedge to preserve ZWG funds raised from the Initial Public Offering for the Chester House pilot project, are now being liquidated to fund upcoming renovations beginning in 2026,” Muzadzi said.
Rental income increased to US$1,07 million from US$907 754, while net property income rose 27% to US$757 292. The fund also recorded US$2,58 million in fair value gains on investment properties.
Net asset value increased 20% to US$25,02 million, with net asset value per unit rising to US6,79 cents from US5,66 cents.
The improved performance came as Revitus worked to reposition its property portfolio, although occupancy remained a challenge in some central business district properties.
Chairman Bekithemba Mpofu said rental collections improved by 18%, with Pioneer and Electra House recording notable growth following tighter credit controls and tenant engagement.
“Reported occupancy of 40% reflects the planned tenant transition at Chester House as redevelopment progresses,” Mpofu said.
The Chester House redevelopment is expected to convert the Harare CBD office property into a licensed three-star hotel. Revitus appointed an international operator in 2025 and received approval for technical drawings from Harare City Council in February 2026.
Renovation works are scheduled to start in the second half of 2026.
Mpofu said the trust’s priorities included completing the redevelopment, improving occupancy and tenant quality, and evaluating new property opportunities.
“Although the operating environment remains subject to macroeconomic and market-related uncertainties, the Board believes the Trust is well positioned to build on its current foundation,” he said.