Arif Habib applies to list GRR

KARACHI: Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for listing at Pakistan Stock Exchange (PSX) to list Globe Residency REIT (GRR), which once approved would become Pakistan’s first listed Developmental REIT.

Globe Residency is a residential project comprising of 2 bed and 3 bed apartments located at Naya Nazimabad, Karachi.

AHDRML is the REIT Management Company of GRR and Arif Habib Development and Engineering Consultants (Pvt) Ltd is the project manager. In total, GRR is constructing nine towers, which were launched in November 2021 and will be ready for possession within 3 years. The REIT fund size is Rs2.8 billion; Rs1.4 billion each of debt and equity and the project cost is estimated at Rs20 billion.

AHDRML CEO Muhammad Ejaz said, “Once PSX approves our application, 85 percent of equity units are proposed to be offered to 2,900 shareholders of Javedan Corporation Limited being the offeror. A total of 10 percent units will be offered to public, whereas the remaining 5 percent will be offered to Real Estate Consultants of Naya Nazimabad.”

Arif Habib Group has always remained at the forefront, introducing new products to the market, he said, adding that “following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”