Key Takeaways
- Naya Nazimabad Apartment REIT (NNAR) fully subscribed within the first hour of bidding.
- Book-building portion of NNAR received strong response from institutional and high-net-worth investors.
- Two-day book-building process will continue until September 2.
The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) has been fully subscribed within the first hour of bidding, reflecting strong investor appetite for Pakistan’s growing real estate investment trust (REIT) market, according to a statement.
The two-day book-building process, which commenced on September 1, will continue through September 2, with the remaining 25% of the units to be offered to the general public at the strike price determined through the book-building process.
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, according to the statement.
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, the statement said.
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.
