Pakistan’s fashion brand Image plans to introduce a real estate investment trust (REIT) next month for two of its properties in Karachi, reported Bloomberg.
The REIT issue will offer 92 million shares at a price Rs. 10 below their net asset value, according to Topline Securities CEO Mohammed Sohail.
Topline Securities and Growth Securities are acting as joint advisers for the transaction. The launch follows a recent surge in Karachi’s real estate prices after years of stagnation, as noted by property portal Zameen.com.
Image, known for its textile manufacturing and fashion retail business, operates around 14 stores in Pakistan and has an online presence in markets such as the US and the UAE. The REIT will function separately from the listed entity, Image Pakistan Ltd.
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