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

The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) received good response from institutional and high-net-worth investors, with the offering becoming fully subscribed within the first hour of bidding, reflecting strong investor appetite for Pakistan’s growing REIT market, a statement said on Tuesday. The two-day book-building process commenced on September 1 and will continue through September 2. NNAR is offering 44.06 million units, representing 15% of the scheme, through an Offer for Sale ahead of its proposed listing on the Pakistan Stock Exchange. Of the total offer, 33.05 million units, or 75%, have been allocated to the book-building portion, while the remaining 25% will be offered to the general public at the strike price determined through book-building, according to the statement. “The units are being offered within a price band of Rs18 to Rs23 per unit, translating into an overall offer value of approximately Rs793 million to Rs1.013 billion, depending on the final strike price. “NNAR is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Limited. The Scheme holds three real estate portfolios across Karachi an