Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for a listing on the Pakistan Stock Exchange (PSX) for Globe Residency REIT (GRR), which, if approved, will be Pakistan’s first listed Developmental REIT.
Globe Residency is a residential project with 2- and 3-bedroom apartments in Naya Nazimabad, Karachi.
GRR’s REIT Management Company is AHDRML, and the Project Manager is Arif Habib Development and Engineering Consultants (Pvt.) Ltd.
GRR is building nine towers in total, which will be completed in three years after they are launched in November 2021.
The project has a total of 1,344 apartments, of which 1,098 have already been sold, including 408 apartments to Meezan Musharakah. The grey structure is currently under construction and is expected to be completed in September 2023.
The REIT fund has a size of Rs. 2.8 billion, with Rs. 1.4 billion in debt and Rs. 1.4 billion in equity, and the project cost is estimated to be Rs. 20 billion.
Muhammad Ejaz, CEO, AHDRML stated, “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.
10 percent of units will be offered to the 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. Following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”
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