NNAR’s book-building fully subscribed
KARACHI: The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) was fully subscribed within the first hour of bidding, reflecting strong demand from institutional and high-net-worth investors. The two-day book-building process began on September 1 and will continue through September 2. NNAR is offering 44.06 million units, equivalent to 15 percent of the scheme, through an Offer…
Karachi witnessed strong demand for the Naya Nazimabad Apartment REIT (NNAR) during the book-building phase of its offering, with institutions and high-net-worth investors securing all available units within the first hour. The book-building process, spanning two days from September 1 to September 2, aimed to sell 44.06 million units, representing 15 percent of the scheme.
Of this, 33.05 million units, or 75 percent, were allocated through the book-building segment, while the remaining 25 percent would be offered to the general public at a strike price determined by the process. The units were priced within a range of Rs18 to Rs23 per unit, with a total potential offer value ranging between approximately Rs793 million and Rs1.013 billion, contingent on the final strike price.
Post completion of book-building, 11.02 million units will be offered to the general public, enabling retail investors to participate. NNAR is a closed-end, Shariah-compliant developmental REIT overseen by Arif Habib Dolmen REIT Management Limited. The scheme involves three real estate portfolios situated in Karachi and Lahore, with a collective assessed value of around Rs20.46 billion as of April 2026.
The swift investor response in the opening hour underscores substantial interest in professionally managed, asset-backed real estate investment products. The planned listing of NNAR is contingent upon the successful completion of the book-building phase followed by the general-public subscription process.
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