Naya Nazimabad Apartment REIT book-building fully subscribed 'within first hour'
- Two-day book-building process commenced on Sept 1 and will continue through Sept 2
The Naya Nazimabad Apartment REIT (NNAR) book-building was fully subscribed within an hour, reflecting strong investor interest in Pakistan's growing REIT market and asset-backed real estate.
- NNAR's rapid oversubscription by investors.
- Details of the unit offering and pricing.
- NNAR's Shariah-compliant structure and portfolio.
The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) received good response from institutional and high-net-worth investors, with the offering becoming fully subscribed within the first hour of bidding, reflecting strong investor appetite for Pakistan’s growing REIT market, a statement said on Tuesday.
The two-day book-building process commenced on September 1 and will continue through September 2.
NNAR is offering 44.06 million units, representing 15% of the scheme, through an Offer for Sale ahead of its proposed listing on the Pakistan Stock Exchange. Of the total offer, 33.05 million units, or 75%, have been allocated to the book-building portion, while the remaining 25% will be offered to the general public at the strike price determined through book-building, according to the statement.
“The units are being offered within a price band of Rs18 to Rs23 per unit, translating into an overall offer value of approximately Rs793 million to Rs1.013 billion, depending on the final strike price.
“NNAR is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Limited. The Scheme holds three real estate portfolios across Karachi and Lahore with a cumulative assessed value of approximately Rs20.46 billion as of April 2026.”
The strong response during the opening hour highlights growing investor interest in professionally managed, asset-backed real estate investment products and confidence in the underlying portfolio and sponsors, the statement said.
Following completion of the book-building process, 11.02 million units will be offered to the general public, providing retail investors an opportunity to participate in the scheme.
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