Naya Nazimabad Apartments REIT has received a strong response from investors during its book-building process, attracting total bids of approximately Rs4.5 billion and resulting in the offering being oversubscribed by eight times. The strong demand reflects significant investor interest in the REIT offering as well as confidence in the underlying Naya Nazimabad development. The book-building process reached the upper price ceiling of Rs23 per unit, which represented an increase of 28% over the floor price, while the offering successfully raised Rs1 billion in equity.
The response during the book-building process represents a significant development for Naya Nazimabad Apartments REIT and comes amid growing interest in professionally managed real estate investment opportunities in Pakistan. The substantial volume of bids compared with the amount being offered indicates strong participation from investors seeking exposure to real estate through a structured investment vehicle. The offering provides investors with an opportunity to participate in the real estate sector through a REIT structure rather than directly purchasing individual properties.
Following completion of the book-building process, the general public subscription for Naya Nazimabad Apartments REIT is scheduled to take place on September 7 and 8, 2026. The public portion accounts for 25% of the total offer, while the remaining 75% has been allocated through the book-building process. The upcoming public subscription will provide general investors with an opportunity to participate in the offering following the strong demand recorded during the book-building stage.
The offering is being managed by Arif Habib Dolmen REIT Management Limited, while Arif Habib Limited is serving as the Lead Manager. The participation and demand recorded during the book-building process have highlighted the potential of structured real estate investment products in Pakistan’s capital market. The eight-times oversubscription, combined with demand reaching the upper price ceiling, has positioned the Naya Nazimabad Apartments REIT offering as a notable transaction for the country’s developing REIT market.
Commenting on the response, Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, said the strong participation represented an endorsement of investor confidence in the offering. He noted that the eight-times oversubscription and demand at the upper price ceiling were particularly encouraging. According to him, the response supports the potential of well-structured real estate investment products in Pakistan and reflects the trust placed by investors in the offering. He also expressed appreciation to investors for their participation in the book-building process.
The strong demand for Naya Nazimabad Apartments REIT also highlights the role that REITs can play in expanding access to real estate as an investable asset class. Real estate has traditionally required substantial capital for direct investment, while REIT structures can provide a more organised mechanism for investors to gain exposure to property-related assets. The latest response suggests that there is increasing investor interest in professionally managed real estate investment opportunities and capital market products linked to the property sector.
With approximately Rs4.5 billion in total bids against the offering and the issue oversubscribed eight times, the book-building phase has marked an important milestone for Naya Nazimabad Apartments REIT. The Rs23 per unit upper price ceiling and Rs1 billion equity raised further underline the demand recorded during the process. The next stage will be the general public subscription scheduled for September 7 and 8, after which the offering will move forward with its broader investor participation. The transaction adds to the development of Pakistan’s REIT market and reinforces the growing presence of real estate investment products within the country’s capital market.
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