Globe Residency REIT raises Rs388 million

• The offer for sale was oversubscribed by 2.77 times.
• The REIT fund size is Rs2.8 billion with Rs1.4 billion each of debt and equity.
• The project cost is estimated at Rs20 billion.

KARACHI: Javedan Corporation Limited has received a subscription of Rs387.94 million from the general public through a two-day offer for sale process. The offer for sale was oversubscribed by 2.77 times.

Globe Residency REIT (GRR) is a closed ended, developmental Real Estate Investment Trust (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.

Javedan Corporation Limited offered 14 million units, which make up 10 per cent of the total units of the REIT scheme, to the general public at a price of Rs10/unit.

The REIT fund size is Rs2.8 billion with Rs1.4 billion each of debt and equity, while the project cost is estimated at Rs20 billion.

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