Subscription for Globe Residency REIT (GRR) on Dec 14-15

KARACHI: General subscription for Globe Residency REIT (GRR), Pakistan’s first developmental REIT being listed on the Pakistan Stock Exchange, will take place on December 14 and 15.

14 million units, which make up 10% of the total units of the REIT Scheme have been offered by Javedan Corporation Limited to the General Public at a price of PKR 10 per unit. Arif Habib Limited is the Lead Manager for this 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 apartments project at Naya Nazimabad

Arif Habib Dolmen REIT Management Limited (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 the next 3 years. Total number of apartments in the project are 1,344 of which 1,098 have already been booked including 408 apartments being developed under Musharakah arrangement with Meezan Bank. Construction work is in full swing and the grey structure is targeted to be completed by September 2023.

The REIT fund size is Rs 2.8 billion; Rs 1.4 billion each of debt and equity and the project cost is estimated at PKR 20 billion.

Copyright Business Recorder, 2022