KARACHI: An actual property funding belief (REIT) Globe Residency has obtained a subscription of Rs387.945 million from most of the people by means of a two-day provide for the sale course of, a press release stated on Tuesday.
Globe Residency REIT (GRR) is an entirely owned subsidiary of Javedan Corporation Limited.
The provide on the market was over-subscribed by 2.77 occasions.
GRR is a close-ended, developmental REIT scheme with a restricted lifetime of 48 months, providing buyers a possibility to turn into an investor within the Globe Residency residences undertaking at Naya Nazimabad.
A complete of 14 million models, which make up 10 p.c of the full models of the REIT scheme have been provided by Javedan Corporation Limited to most of the people at a worth of Rs10 per unit.
The REIT fund measurement is Rs2.8 billion, with Rs1.4 billion every of debt and fairness, and the undertaking value is estimated at Rs20 billion.
