Naya Nazimabad Apartment REIT book-building fully subscribed 'within first hour'

The initial phase of the Naya Nazimabad Apartment REIT (NNAR) book-building process witnessed overwhelming interest from institutional and high-net-worth investors, leading to its complete subscription within the first hour of bidding, according to a statement released on Tuesday. This enthusiastic response underscores the robust investor appetite for Pakistan's burgeoning REIT market.

The book-building phase, which commenced on September 1 and will conclude on September 2, aimed to offer 44.06 million units, constituting 15% of the scheme, through an Offer for Sale. An impressive 75% of the total offer, or 33.05 million units, were allocated to the book-building segment, with the remaining 25% set to be distributed to the general public at a strike price determined through the book-building process.

The units were priced within a range of Rs18 to Rs23 per unit, resulting in an estimated offer value of between Rs793 million and Rs1.013 billion, contingent on the final strike price. NNAR is a closed-end, Shariah-compliant developmental REIT overseen by Arif Habib Dolmen REIT Management Limited. The scheme encompasses three real estate portfolios situated in Karachi and Lahore, boasting a combined assessed value of approximately Rs20.46 billion as of April 2026.

The swift response during the opening hour underscores the rising investor interest in professionally managed, asset-backed real estate investment products and their confidence in the underlying portfolio and sponsors, as stated in the announcement. Following the successful completion of the book-building process, an additional 11.02 million units will be made available to the general public, presenting retail investors with the opportunity to participate in the scheme.