Eagle Real Estate Investment Trust (Eagle REIT) says rising tourist arrivals in Victoria Falls are reinforcing the investment case for its US$43 million mixed-use development in the resort town, as demand for hospitality and commercial property gathers momentum.
The 12,3-hectare development will comprise a 120-room international hotel, a hospital, retail facilities, 108 villas and 54 apartments.
In the trust’s annual report for the year ended 31 December 2025, managing director Bevin Ngara said the growth in tourist arrivals was creating demand for new hospitality, residential and commercial infrastructure in the resort city.
“The arrivals drive demand for hospitality, residential and supporting commercial infrastructure assets,” Ngara said.
He said Eagle Heights had been designed to meet increasing demand for quality hotel accommodation, housing and healthcare facilities in one of Zimbabwe’s fastest-growing tourism markets.
“The convergence of structural undersupply, investor-led capital inflows and strong tourism fundamentals support positive long-term prospects across all segments of Eagle REIT’s portfolio.
“Mixed-use developments in high-growth nodes such as Victoria Falls and Mazowe align directly with prevailing market trends, positioning the fund to benefit from both recurring income generation and meaningful capital appreciation over the medium term,” he said.
Ngara said limited availability of investment-grade property assets continued to attract pension funds and other institutional investors seeking US dollar-denominated returns.
During the year ended December 31, 2025, the REIT raised US$34,4 million through private placements, convertible debentures and term debt.
Of the total capital raised, US$29,1 million, representing 84,6 percent, had already been received and invested in ongoing developments, while the remaining US$5,2 million is expected largely from participating pension funds.
Looking ahead, Ngara said the trust would focus on accelerating key developments while broadening its investor base.
“Our priorities for 2026 are to secure hotel funding and commence construction, grow Eagle REIT’s unitholder base through continued private placements and, potentially, a public offering, and deliver the apartment and hospital construction programmes in line with approved timelines and budgets,” he said.
Ngara said Mazowe Walk Mall was already generating recurring rental income, with occupancy reaching 93 percent, while construction of apartments, a hospital and the hotel at Eagle Heights is expected to gather pace this year.
The REIT plans to raise a further US$35 million over the next three years through private placements and other funding structures to finance new developments, acquisitions and the expansion of its property portfolio.