By Rafiq Vayani
DUBAI/KARACHI: Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for listing to Pakistan Stock Exchange (PSX) to list Globe Residency REIT (GRR), which once approved would become Pakistan’s first listed Developmental REIT.
Globe Residency is a residential project comprising of 2 bed and 3 bed apartments located at Naya Nazimabad, Karachi.
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 3 years. Total number of apartments in the project are 1,344 of which 1,098 have already been sold including 408 apartments to Meezan Musharakah. Construction work is in progress in full swing and the grey structure is targeted to be completed by September 2023.
The REIT fund size is PKR 2.8 billion; PKR 1.4 billion each of Debt and Equity and the project cost is estimated at PKR 20 billion.
Muhammad Ejaz, CEO, AHDRML stated, “Once PSX approves our application, 85% of equity units are proposed to be offered to 2,900 shareholders of Javedan Corporation Limited being the offeror. 10% units will be offered to public, whereas the remaining 5% will be offered to Real Estate Consultants of Naya Nazimabad. Arif Habib Group has always remained at the forefront, introducing new products to the Market. Following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”
