The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) received an overwhelming 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.
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.
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.
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.
House of Oud Officially Rebrands as House of Musk to Redefine Pakistan’s Perfume Market
