The Securities and Exchange Commission of Pakistan (SECP) has approved the Offer for Sale prospectus of Naya Nazimabad Apartments REIT, clearing the way for the real estate investment trust to move toward listing on the Pakistan Stock Exchange. The approval marks another development in Pakistan’s primary capital market, where real estate projects are increasingly using regulated investment structures to access investors and capital.
The offering comprises 44.06 million REIT units, representing 15% of the total units of the REIT scheme. The public offering will be conducted through the book-building mechanism, with 75% of the offered units allocated to institutional investors and high-net-worth individuals, while the remaining 25% will be available to retail investors. The structure provides different categories of investors an opportunity to participate in the offering.
Naya Nazimabad Apartments REIT is a closed-end Developmental REIT established under the Real Estate Investment Trust Regulations, 2022. The scheme is focused on developing acquired real estate into commercial, retail and residential units, with returns for unit holders generated through the sale of completed properties. Its planned listing would give investors another regulated avenue for exposure to Pakistan’s real estate sector through the capital market.
The approval also adds momentum to Pakistan’s REIT market. The country now has 29 registered REIT schemes, six of which are currently listed on the Pakistan Stock Exchange. Once listed, Naya Nazimabad Apartments REIT will become the seventh listed REIT on PSX, further expanding the range of regulated real estate investment products available to investors.
SECP Chairman Dr. Kabir Ahmed Sidhu said the increasing number of public offerings reflects growing use of capital markets for business financing and investment. The regulator is also working to reduce the time and cost associated with raising capital, improve transparency and price discovery, and broaden participation among issuers and investors.
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