KARACHI: In a two-day public offer for the selling process, Globe Residency, a real estate investment trust (REIT), obtained a subscription of Rs. 387.945 million from the general public, according to a statement.
The details suggest that a fully owned subsidiary of Javedan Corporation Limited is Globe Residency REIT (GRR) and the offer for its sale was 2.77 times oversubscribed.
Furthermore, GRR is a 48-month, close-ended, developmental REIT plan that gives investors the chance to participate in the Globe Residency apartments project in Naya Nazimabad.
Additionally, Javedan Corporation Limited sold 14 million units to the general public for Rs. 10 per unit, accounting for 10% of the total units in the REIT scheme.
The REIT fund has a size of Rs. 2.8 billion, including Rs. 1.4 billion in loans and Rs. 1.4 billion in equity, while the project cost is expected to be Rs. 20 billion.
