Globe Residency REIT raises Rs388m

KARACHI: Javedan Corporation Limited has received a subscription of Rs 387,945,000 from the general public through a two-day offer for sale process. The offer for sale was over-subscribed by 2.77 times.

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. 14 million units, which make up 10 percent of the total units of the REIT Scheme were offered by Javedan Corporation Limited to the general public at a price of Rs 10 per unit.

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 Rs 20 billion.