KARACHI: Pakistan Stock Exchange Limited (PSX) has placed the Draft Offer for Sale Document of the Naya Nazimabad Apartment REIT on its website, inviting public comments until the close of business on Monday, July 13, 2026.
The move marks another milestone for Pakistan’s growing real estate investment trust (REIT) sector, offering investors an opportunity to participate in a large-scale property development project.
REIT to Offer 44 Million Units Through Book Building
The Naya Nazimabad Apartment REIT plans to offer 44,062,500 units with a par value of PKR 10 each through the book-building process at a floor price of PKR 18 per unit.
The total offer represents 15 percent of the REIT’s units.
Arif Habib Limited has been appointed as the Lead Manager for the transaction.
Developmental REIT Focused on Karachi and Lahore
The REIT is a limited-life, closed-end, Shariah-compliant developmental REIT comprising three real estate assets located in Karachi and Lahore.
Its portfolio includes:
- Seven commercial plots in Naya Nazimabad, Karachi, covering approximately 46,597 square yards.
- 216 plots in Bankers Avenue Cooperative Housing Society, Lahore.
- 76 retail units in IT Tower, Gulberg.
The project aims to develop these properties into residential apartments, commercial spaces, and retail units for sale.
According to the draft document, the overall project is expected to reach completion around 2032.
Investors Should Consider Project Risks
The draft offer document highlights several risks associated with the developmental REIT.
These include potential construction delays, rising commodity and construction costs due to economic uncertainty, and the successful sale of completed units, which will determine future dividend distributions to investors.
As with any developmental real estate project, returns will depend on project execution, market conditions, and demand for the completed properties.
Backed by Established Sponsors
Arif Habib Dolmen REIT Management Limited will serve as the REIT Management Company.
Javedan Corporation Limited is the principal sponsor and currently holds 74 percent of the REIT’s units before the public offering.
The scheme has already completed the transfer of assets into the REIT structure and secured Musharaka financing to support project development.
PSX Invites Public Feedback
Pakistan Stock Exchange has encouraged investors and stakeholders to review the complete draft offer document available on its website and submit comments before July 13, 2026.
The proposed IPO represents another step in the expansion of Pakistan’s REIT market, providing investors with exposure to real estate development projects in prime locations across Karachi and Lahore.