PSX to list 1st developmental REIT

KARACHI: General subscription for Globe Residency REIT (GRR), country’s first developmental real estate investment trust (REIT) being listed on the Pakistan Stock Exchange (PSX) will take place on December 14 and 15, stated a press release on Tuesday.

A total of 14 million units, which make up 10 percent of the total units of the REIT scheme have been offered by Javedan Corporation Limited to the general public at a price of Rs10 per unit.

Arif Habib Limited is the lead manager for the offer for sale with Habib Bank Limited, Habib Metropolitan Bank Limited, Bank Al Habib Limited and, Bank Alfalah Limited as bankers to the offer along with Ismail Iqbal Securities and Growth Securities acting as underwriters.

GRR is a closed-ended, developmental REIT scheme with a limited life of 48 months offering investors the opportunity to become an investor in the Globe Residency, an apartment project at Naya Nazimabad.

Arif Habib Dolmen REIT Management Limited is a REIT management company of GRR and Arif Habib Development and Engineering Consultants (PVT.) Ltd are the project manager.

In total, GRR is constructing nine towers, which were launched in November 2021 and will be ready for possession within the next 3 years. The total number of apartments in the project are 1,344 of which 1,098 have already been booked, including 408 apartments being developed under the Musharakah arrangement with Meezan Bank. The grey structure is targeted to be completed by September 2023. The REIT fund size is Rs2.8 billion with Rs1.4 billion each of debt and equity and the project cost is estimated at Rs20 billion.