Naya Nazimabad Apartment REIT book-building fully subscribed 'within first hour'

Institutional and high-net-worth buyers filled the book-building portion of the Naya Nazimabad Apartment REIT (NNAR) during the opening hour of bidding, according to a statement released on Tuesday. The two-day process started on September 1 and runs through September 2. Business Recorder reported that the statement tied the strong reception to growing demand for professionally managed, asset-backed property products in Pakistan.

NNAR is putting 44.06 million units up for sale, equal to 15% of the scheme, before its planned PSX listing. Of these, 33.05 million units (75%) were earmarked for the book-building portion, while the other 25% will be sold to the public at the price fixed through that process. The price band is Rs18 to Rs23 per unit, putting the total offer value at roughly Rs793 million to Rs1.013 billion, depending on where the strike price lands.

Arif Habib Dolmen REIT Management Limited runs the scheme, a developmental, closed-end vehicle that complies with Shariah principles and owns three portfolios in Karachi and Lahore. The three assets were assessed at roughly Rs20.46 billion in April 2026. After book-building ends, 11.02 million units go to the general public, giving retail investors a chance to join the scheme.