Image REIT to Debut on PSX

IMAGE REIT, a Shariah-compliant hybrid and perpetual Real Estate Investment Trust (REIT) managed by Sinolink REIT Management Company Limited, is set to be listed on the Pakistan Stock Exchange (PSX). The target size of IMAGE REIT is approximately Rs. 2,750 million, with Rs. 920 million to be raised through an Initial Public Offering (IPO). The current size of the REIT already stands at Rs. 1,830 million, making it a substantial player in the market. IMAGE REIT generates income through two prime projects in Karachi: an 8-floor, fully occupied commercial building on Shahrah-e-Faisal, and a residential-cum-commercial project located on Tipu Sultan Road, which is expected to generate both sales and rental income. The IPO will consist of 92,015,467 units, representing 33.36% of the post-IPO paid-up units of the REIT scheme. The offering will be conducted entirely through a Book Building process, with a floor price of Rs. 10 per unit and a price band of up to 40%, allowing the price to go as high as Rs. 14 per unit. Following the Book Building process, 25% of the total issue size will be allocated to retail investors at the strike price determined during the process. Proceeds from the IPO will be utilized for the completion and marketing of 11 residential floors in the Developmental REIT project, further enhancing the portfolio’s value. The Central Depository Company of Pakistan Limited (CDC) has been appointed as the Trustee of IMAGE REIT, ensuring transparency and compliance with regulatory standards. Sinolink REIT Management Company Limited, the entity behind IMAGE REIT, is a licensed REIT Management Company focused on creating innovative, Shariah-compliant investment opportunities in Pakistan’s real estate sector. The company aims to provide both institutional and retail investors with access to professionally managed real estate portfolios, catering to the growing demand for ethical and compliant investment options. Topline Securities and Growth Securities are serving as joint Consultants and Book Runners for the IPO, ensuring a smooth and efficient process for potential investors.