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Message: [QUOTE="Queen, post: 87801, member: 27"] A hold rating just landed on Zimbabwe's freshest REIT, but the real story is a pipeline that could flip its entire value proposition within a few years. Pfuma Fund REIT gets its first call [LIST] [*]I.H Securities slapped a hold on Pfuma Fund REIT with a buy-on-dips angle. [*]Pfuma's current price basically mirrors the existing portfolio's worth. [*]Medium-term upside hinges on new developments boosting NAV. [*]IH described it as a stability-plus-growth hybrid play. [/LIST] Listing and early market performance [LIST] [*]Pfuma Fund REIT hit the Victoria Falls Stock Exchange on February 6. [*]Arctic Blue Asset Management is behind the launch. [*]Initial fundraising pulled in US$25 million at full subscription. [*]Market cap climbed to US$74.14 million by Monday. [/LIST] Expansion pipeline looks ambitious [LIST] [*]Cork Corner in Avondale headlines the growth slate. [*]Greenfield projects span Eastlea, Chivhu, Kwekwe, and Ruwa. [*]Roughly 18,000 square metres of lettable space gets added. [*]Gross lettable area should jump past 35,000 square metres by late 2026. [/LIST] Yield trajectory and NAV projections [LIST] [*]Seeded assets like Hogerty Hill Centre sit at around 6.6% yield. [*]Targeted returns at Silverbrook and Chivhu top 12%. [*]Blended portfolio yield is projected to reach roughly 8.5% by 2029. [*]NAV could climb from US$46.73 million to US$53.93 million post-construction. [/LIST] Anchor tenants keeping income stable [LIST] [*]Hogerty Hill Centre and Chegutu Retail Centre were the seed properties. [*]TM Pick n Pay and Simbisa outlets anchor those locations. [*]Rental income stays dollar-denominated for inflation protection. [/LIST] [/QUOTE]

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