Ahmed & Qazi was pleased to join the gong ceremony at the Pakistan Stock Exchange celebrating the listing of Naya Nazimabad Apartment REIT, a residential development with an estimated project value of PKR 70 billion, and a project we have advised on over many years. NNAR is now Pakistan’s 7th listed REIT, and was 8x oversubscribed during book building.
Held on 1 October, the ceremony brought together Finance Minister Senator Muhammad Aurangzeb, State Bank of Pakistan (SBP) Governor Jameel Ahmad, SECP Chairman Dr. Kabir Ahmed Sidhu, Pakistan Stock Exchange Managing Director and CEO Farrukh H. Sabzwari, and Arif Habib Group Chairman Arif Habib, with Prime Minister Muhammad Shehbaz Sharif participating virtually.
For our team, the occasion marked the culmination of years of legal work spanning extensive due diligence into the underlying assets and their historical ownership and privatisation background, advice on the project’s transition into a #REIT and its legal and regulatory framework, and support through the public offering and listing.
The strong investor response to the offering highlights the growing role of REITs in connecting Pakistan’s capital markets with large-scale real estate development and broadening public participation in the sector.
We congratulate Arif Habib Group, Arif Habib Dolmen REIT Management Limited, Arif Habib Limited and the wider transaction team on this achievement, and thank our clients for their continued confidence in Ahmed & Qazi.
