Naya Nazimabad REIT Fully Subscribed Within First Hour of Bidding
Strong institutional and high-net-worth investor demand signals growing confidence in Pakistan’s REIT market ahead of the scheme’s PSX listing.
Naya Nazimabad Apartment REIT draws strong investor demand during book building.
KARACHI, September 1, 2026: The book-building portion of the Naya Nazimabad Apartment REIT (NNAR) was fully subscribed within the first hour of bidding on Tuesday, reflecting strong demand from institutional and high-net-worth investors.
The rapid subscription highlights growing interest in Pakistan’s real estate investment market and comes ahead of the proposed listing of NNAR on the Pakistan Stock Exchange (PSX).
The two-day book-building process began on September 1 and is scheduled to continue through September 2. NNAR is offering 44.06 million units, representing 15 per cent of the scheme, through an Offer for Sale.
Details of the REIT Offering
Of the total units being offered, 33.05 million, or 75 per cent, have been allocated to the book-building portion. The remaining 25 per cent will be offered to the general public at the strike price established through the book-building process.
The units are being offered within a price range of Rs18 to Rs23 each. Depending on the final strike price, the total value of the offering is expected to range between approximately Rs793 million and Rs1.013 billion.
Following the completion of book building, 11.02 million units will be made available to retail investors, giving members of the general public an opportunity to invest in the scheme.
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Asset-Backed Investment Opportunity
NNAR is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Limited.
The scheme holds three real estate portfolios located across Karachi and Lahore. Their cumulative assessed value stood at approximately Rs20.46 billion as of April 2026.
The strong response from investors during the opening hour indicates rising appetite for professionally managed and asset-backed real estate investment products.
It also reflects investor confidence in the scheme’s underlying property portfolio and its sponsors as Pakistan’s REIT sector continues to develop.
Retail Investors to Get Opportunity
The public offering following the book-building phase will allow retail investors to participate in NNAR at the strike price determined through the institutional bidding process.
With the book-building portion already fully subscribed shortly after opening, market participants will now be watching the final strike price and the scheme’s progress towards its proposed PSX listing.
