Naya Nazimabad Apartment REIT’s book-building offering was fully subscribed within the first hour on Tuesday, signaling strong demand from institutional and high-net-worth investors for Pakistan’s real estate investment trust market.
The two-day book-building process for the Naya Nazimabad Apartment REIT, or NNAR, began Sept. 1 and will continue through Sept. 2 ahead of the scheme’s proposed listing on the Pakistan Stock Exchange.
NNAR is offering 44.06 million units, representing 15% of the scheme, through an offer for sale. Of the total, 33.05 million units, or 75%, have been allocated to institutional and high-net-worth investors through book building. The remaining 25%, or 11.02 million units, will be offered to retail investors at the strike price determined through the bidding process.
The units are being offered in a price range of Rs. 18-23 each, valuing the overall offer at between about Rs. 793 million and Rs. 1.013 billion, depending on the final strike price.
NNAR is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Ltd. The scheme holds three real estate portfolios across Karachi and Lahore with a cumulative assessed value of about Rs. 20.46 billion as of April 2026.
The full subscription within the first hour underscores growing investor appetite for professionally managed, asset-backed real estate investment products, as Pakistan seeks to deepen its capital markets and broaden investment opportunities beyond traditional stocks and fixed-income securities.
Following the completion of book building, the retail portion of 11.02 million units will be offered to the general public, allowing individual investors to participate in the proposed REIT.