The first developmental REIT in Pakistan to be listed on the Pakistan Stock Exchange, Globe Residency REIT (GRR), will open a general subscription on December 14 and 15.
Javedan Corporation Limited has made 14 million units or 10% of the total units in the REIT Scheme, available to the general public at a cost of PKR 10 per unit.
Arif Habib Limited is the offer’s lead manager, with Habib Bank Limited, Habib Metropolitan Bank Limited, Bank Al Habib Limited, and Bank Alfalah Limited serving as the offer’s bankers and Ismail Iqbal Securities and Growth Securities serving as the offer’s underwriters.
GRR is a closed-ended, 48-month-long development REIT scheme that gives investors the chance to invest in the Naya Nazimabad Globe Residency apartments project.
The project manager is Arif Habib Development and Engineering Consultants (PVT.) Ltd and Arif Habib Dolmen REIT Management Limited (AHDRML) is the REIT Management Company of GRR.
Nine towers are being built by GRR altogether; construction on them began in November 2021 and will be completed in three years.
There are 1,344 apartments total in the project, 1,098 of which have already been reserved, including 408 that are being built through the Musharakah agreement with Meezan Bank.
The grey structure’s construction is currently in full swing and is expected to be finished by September 2023.
The project cost is anticipated to be PKR 20 billion, and the REIT fund size is Rs 2.8 billion, including Rs 1.4 billion in loans and Rs 1.4 billion in equity.
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