Pfuma Fund has completed the acquisition of Cork Corner, a fully occupied commercial property in Avondale, Harare, in a transaction settled through the issuance of 69.4 million additional Pfuma Fund units.
The acquisition involves the remaining extent of Lot 4 Block C of Avondale, located at 36 Cork Road at the intersection of King George Road and Cork Road.
According to a market update issued by the fund on August 28, 2026, the property has a gross lettable area of 1,203 square metres and is occupied by businesses operating in the quick-service restaurant and casual dining sector.
The property has a weighted average lease expiry of 4.58 years and a gross yield of 7.8%.
The acquisition was settled through the issuance of 69.4 million Pfuma Fund units to the seller, increasing the total number of units in issue from 471,351,750 to 540,751,750.
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The additional units represent a 12.84% dilution for existing unit holders.
However, Pfuma Fund said the acquisition is expected to be earnings accretive, with the property projected to contribute to a 16.71% increase in rental income per unit on an annualised basis.
The fund said it would remain compliant with the income tax requirements stipulated under the Third Schedule of Zimbabwe's Income Tax Act following the issuance of the additional units.
The acquisition became effective on August 19, 2026, with its financial impact expected to be reflected in Pfuma Fund's results from the third quarter of financial year 2026 onwards.
The market update was issued on behalf of Pfuma Fund by Arctic Blue Asset Management (Private) Limited, the fund's asset manager.
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