REIT declares dividend of Rs3 per unit in first year of its listing

KARACHI: Globe Residency REIT (GRR), Pakistan’s first listed Developmental Real Estate Investment Trust (REIT), has declared a cash dividend of Rs 3 (i.e. 30pc) per unit of Rs 10 each for the fiscal year ending June 30, 2023.

GRR which was listed in December last year is a closed ended, Developmental REIT. GRR offers investors an opportunity to partake in the ownership of Globe Residency Apartments. This project comprises 1,344 apartments across 9 towers being constructed at Naya Nazimabad, Karachi, a project of Javedan Corporation Limited.

Naya Nazimabad is an integrated housing scheme which focuses on community living. It is the largest master-planned, gated residential development in Karachi and will house more than 50,000 families at its completion. With meticulously integrated amenities designed to cater to contemporary lifestyles, everything residents require is conveniently within reach. A project of Javedan Corporation Limited, NayaNazimabad is a self-contained city, conceptualized and developed with the vision of providing a peaceful community atmosphere and promotes a wholesome and holistic lifestyle. Arif Habib, Chairman, Arif Habib Dolmen REIT Management commenting on the results said, “The REIT instrument allows investors a fresh avenue of safe investment. REITs ensure fully documented real estate development activities in a transparent manner.

Copyright Business Recorder, 2023