Globe Residency REIT (GRR), Pakistan’s first listed Developmental Real Estate Investment Trust (REIT), has declared a cash dividend of Rs3 (i.e. 30%) per unit of Rs10 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,” stated a press release issued on Friday.

Also read: Globe Residency REIT: First developmental REIT starts trading at PSX

“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, Naya Nazimabad is a self-contained city, conceptualised 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 commented on the results.

“The REIT instrument allows investors a fresh avenue of safe investment. REITs ensure fully documented real estate development activities in a transparent manner. Arif Habib Group has so far registered 14 REITs in total with a fund size of Rs125 billion. The dividend declaration by Globe Residency REIT, along with its comprehensive progress, signifies our unwavering dedication to investors and stakeholders, as well as our resolute commitment to introducing transformative real estate projects that contribute to Pakistan’s economic growth and development. Earlier, Dolmen City REIT, a rental REIT distributed Rs4.02 billion for the financial year 2023.”

Financial results sent to the Pakistan Stock Exchange (PSX) on Friday stated that GRR posted a profit after tax of Rs271 million, which translated into earnings per share of Rs1.936, for the year ended June 30, 2023.