IPO oversubscribed

Published December 21, 2022

KARACHI: The general public oversubscribed to the offer for the sale of Globe Residency REIT, a wholly owned subsidiary of Javedan Corporation Ltd, by 2.77 times, a regulatory filing by Arif Habib Ltd showed on Tuesday.

REITs are investment schemes that collect money from investors and deploy it in real estate projects. Profits of the real estate projects are then channelled back to investors in the shape of dividends.

The Globe Residency REIT is a closed ended, developmental scheme with a limited life of 48 months.

The size of the REIT fund is Rs2.8 billion, with the debt and equity portions of Rs1.4bn each.

Published in Dawn, December 21st, 2022

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