Globe Residency REIT raises PKR 388m

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Javedan Corporation Limited has received a subscription of PKR 387,945,000 from the general public through a two-day offer for sale process. The offer for sale was over-subscribed by 2.77 times.

GRR is a closed ended, Developmental REIT Scheme with a limited life of 48 months offering investors the opportunity to become an investor in the Globe Residency apartments project at Naya Nazimabad. 14 million units, which make up 10% of the total units of the REIT Scheme were offered by Javedan Corporation Limited to the General Public at a price of PKR 10 per unit.

The REIT fund size is PKR 2.8 billion; PKR 1.4 billion each of Debt and Equity and the project cost is estimated at PKR 20 billion.