LAHORE: Arif Habib Dolmen REIT Management Limited launched Globe Residency REIT (GRR) at the Pakistan Stock Exchange during a ceremony, making it Pakistan’s 1st listed Developmental Real Estate Investment Trust (REIT).
The chairman of Arif Habib Dolmen REIT Management stated the REIT instrument offers investors a novel path of secure investment through which retail investors can access listings.
He also said that REITs assure transparent, fully recorded real estate development activity, which was also backed by Finance Minister Ishaq Dar, who was the chief guest of the ceremony.
Additionally, it pays taxes, which add to the government’s revenue while open plots that are converted into developed properties by REIT offer more value to economic activity than double the value of the land.
Arif Habib Group has so far filed 9 REITs with a total fund of Rs. 10 billion, and in 2023, another Rs. 38 billion will be raised through the creation of REITs. Together, this will generate about Rs. 600 billion in building activity which would be the 1st to list a developing REIT.
Senator Ishaq Dar remarked that he is pleased to notice that the REIT structure ensures comprehensive documentation of Real Estate Development, assuring transparency.
The effects of our work will soon be seen in the markets, and we are confident that they will be reflected in them as well, making room for new goods and industries, he added.
GRR is the first developing REIT to be listed on the Pakistan Stock Exchange, and what we have been working on for the past 15 years, is now yielding results, according to Akif Saeed, Chairman of SECP.
Furthermore, Dr. Shamshad Akhtar, the chairperson of PSX and a former governor of SBP, expressed her appreciation for Arif Habib Group’s efforts to launch new products.
She underlined the value of an organized, and transparent corporate governance framework as it increases company efficiency, adding that, a major sector of the economy that may be revitalized is real estate.
It is to mention that Javedan Corporation, a subsidiary of Arif Habib Dolmen REIT Management, made 14 million units, or 10% of all the units in the REIT Scheme, available to the general public for Rs. 10 each.
Besides, the fund has a total value of Rs. 2.8 billion, while the Project Cost is anticipated to be Rs. 20 billion.
Additionally, Globe Residency Apartments, a development of 9 towers with 1,344 apartments, is being built at Naya Nazimabad, Karachi with a limited life of 48 months that offers the investors to become Unit Holders of Globe Residency Apartments.
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