Globe Residency REIT Raises Rs. 388 Million

Pakistan’s first Development Real Estate Investment Trust Globe Residency REIT (GRR) garnered an overwhelming response in its public offering. Javedan Corporation Limited (JCL) has received a subscription of Rs. 387,945,000 from the general public through a two-day offer for the sale process. The offer for sale was over-subscribed by 2.77 times. GRR is a closed-ended Developmental REIT Scheme with a limited life of 48 months offering investors the opportunity to become an investor in the Globe Residency apartments project at Naya Nazimabad. According to details, 14 million units, which make up 10 percent of the total units of the REIT Scheme were offered by Javedan Corporation Limited to the general public at a price of Rs. 10 per unit. The REIT fund size is Rs. R 2.8 billion; Rs. 1.4 billion each of Debt and Equity and the project cost is estimated at Rs. 20 billion.