Dolmen City REIT listed at KSE

KARACHI: Arif Habib Dolmen REIT Management Limited, a joint venture between the Arif Habib Group and the Dolmen Group, listed South Asia’s first Real Estate Investment Trust (REIT) – Dolmen City REIT at a Gong Ceremony at the Karachi Stock Exchange on Friday.
Securities and Exchange Commission of Pakistan (SECP) Chairman M Zafar-ul-Haq Hijazi, who rang the gong as the Chief Guest at the event, said, “Dolmen City REIT, is the first REIT in South Asia and its listing calls for the accreditation of a new sector ‘Real Estate Investment Trust’ in KSE’s sector classification, which is an achievement for everyone involved. The addition of this new sector allows investors a fresh avenue of safe investment, which is also accessible to smaller investors. I congratulate Arif Habib Dolmen REIT Management Limited and the Karachi Stock Exchange on this momentous occasion.”
He also added that the SECP will continue to play an effective role for the development of Pakistan’s capital markets and encourage innovative products which will broaden investment opportunities.
The SECP will also enforce strict regulations to safeguard the public’s interest.Dolmen City REIT is a close-ended, Listed Shariah compliant Rental REIT which offers investors to become unit holders of two components of the Dolmen City project, Dolmen Mall Clifton and The Harbor Front. Book building portion of the IPO took place on June 8 and 9 and was heavily oversubscribed with the book runner receiving bids for Rs7.14 billion against the offer of Rs4.17 billion. The General Public participated in the IPO on June 12.
The properties will generate rental income that will be distributed by the REIT Scheme among unit holders in the shape of dividends.