There will be a general subscription for Globe Residency REIT (GRR) on December 14 and 15, the first development REIT to be listed on the Pakistan Stock Exchange, as well as its first general subscription for the REIT.
The total fund size of the REIT consists of 2.8 billion rupees, divided into debt and equity of 1.4 billion rupees each, while the project cost is estimated to be 20 billion rupees.
Javedan Corporation Limited has offered to the general public as many as 14 million units, which make up 10 percent of the total number of units in the REIT Scheme, at a price of Rs. 10 per unit, which is a percentage of the total number of units in the scheme. As the Lead Manager for the Offer for Sale, Arif Habib Limited is working together with Habib Bank Limited, Habib Metropolitan Bank Limited, Bank Al Habib Limited and Bank Alfalah Limited in order to act as bankers for the offer, while Ismail Iqbal Securities and Growth Securities are acting as underwriters.
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In a closed-ended, development REIT scheme with a limited life of 48 months, Globe Residency apartments at Naya Nazimabad is offering investors the opportunity to become a part of the project by becoming an investor.
It is estimated that GRR will be constructing nine towers in total, which will be ready for possession within the next three years following the launch of the project in November 2021. Approximately 1,344 apartments will be built in the project, of which 1,098 have already been booked, and 408 of these will be developed in the Musharakah agreement with Meezan Bank, which will see 408 apartments being developed. We are currently in the middle of the construction process, and the gray structure is expected to be completed by the end of September 2023.
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