EAGLE Real Estate Investment Trust (Eagle REIT) is seeking unitholder approval to raise US$35 million over the next three years through private placements and other funding structures to finance acquisitions, developments and the expansion of its property portfolio.
The proposal comes after the REIT posted revenue of US$662 574 and profit of US$213 936 for the quarter ended March 31, 2026, driven by robust stand sales, improved margins, and disciplined cost management.
Revenue and profit increased from US$271 583 and US$17 828, respectively, recorded during the same period last year.
Consequently, Eagle REIT reported a 10,5% year-on-year increase in net asset value to US$33,3 million in the first quarter, supported by strong residential stand sales and progress on developments in Victoria Falls and Mazowe.
The proposed funding authority comes as the REIT continues work on residential apartments and a hospital project in Victoria Falls while seeking to build on the successful rollout of the Mazowe Walk Mall.
The planned capital raise underscores Eagle REIT’s growth ambitions as it seeks to scale its property portfolio and unlock new development opportunities.
If approved, the funding would strengthen the trust’s capacity to pursue strategic investments, broaden its revenue base, and enhance long-term value for unitholders.
Unitholders will consider the proposed capital raise at the REIT’s annual general meeting scheduled for July 8, alongside a resolution seeking approval for the additional listing of previously issued units on the Victoria Falls Stock Exchange (VFEX).
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“Ordinary resolution 5 is intended to provide the trustee and the REIT manager with capital-raising flexibility of up to US$35 million over three years to support the development, acquisition and scaling of the trust’s property portfolio,” Eagle Asset Management (Private) Limited, the REIT’s manager, said in a statement.
Resolution 5 also seeks approval for the proposed capital to be raised through one or more private placements.
The manager said the capital may be raised through private placements, strategic subscriptions, institutional subscriptions, property-backed subscriptions, convertible instruments or other approved capital-raising structures, provided the issue or conversion of units is undertaken in accordance with the trust deed, the approved net asset value-based pricing methodology and all applicable regulatory and listing requirements.
The resolution also seeks to authorise the REIT’s management and advisers to undertake all necessary regulatory, administrative and listing processes required to issue new units and secure their admission to trading on the VFEX.
The resolution relates to 42,3 million units that have already been issued through private placements and debt-to-equity conversions but have not yet been admitted to trading on the VFEX.
All units issued pursuant to this authority shall, upon issuance and listing, rank pari passu in all respects with the existing listed units of Eagle REIT.
Other matters on the AGM agenda include the adoption of audited financial statements, the reappointment of external auditors, and the noting of advisory board fees.
