Arif Habib Dolmen REIT Management Applies for Listing of Globe Residency REIT on PSX

Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for listing on Pakistan Stock Exchange (PSX) to list Globe Residency REIT (GRR), which once approved would become Pakistan’s first listed Developmental REIT.

Globe Residency is a residential project comprising 2-bed and 3-bed apartments located at Naya Nazimabad, Karachi.

AHDRML is the REIT Management Company of GRR and Arif Habib Development and Engineering Consultants (Pvt.) Ltd is the Project Manager. In total, GRR is constructing nine towers, which were launched in November 2021 and will be ready for possession within 3 years.

The total number of apartments in the project is 1,344 of which 1,098 have already been sold including 408 apartments to Meezan Musharakah. Construction work is in full swing and the grey structure is targeted to be completed by September 2023.

 

The REIT fund size is Rs. 2.8 billion; Rs. 1.4 billion each of Debt and Equity and the project cost is estimated at Rs. 20 billion.

Muhammad Ejaz, CEO, AHDRML stated, “Once PSX approves our application, 85 percent of equity units are proposed to be offered to 2,900 shareholders of Javedan Corporation Limited being the offeror. 10 percent of units will be offered to the public, whereas the remaining 5 percent will be offered to Real Estate Consultants of Naya Nazimabad. Arif Habib Group has always remained at the forefront, introducing new products to the market. Following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”

 

Source: Pro Pakistan

COAS, Belgian Ambassador discuss matters of mutual interest

Belgian Ambassador Charles Joseph M Delogne called on Army Chief General Qamar Javed Bajwa in Rawalpindi today (Thursday).

 

During the meeting, matters of mutual interest, regional security situation and enhanced bilateral as well as defence cooperation were discussed.

 

The visiting dignitary expressed his grief over the devastation caused by floods in Pakistan and offered sincere condolence for the families of the victims.

 

The Ambassador appreciated Pakistan’s efforts for regional stability and also pledged to play his role in enhancing cooperation with Pakistan at all levels.

 

Meanwhile, Ambassador of United Arab Emirates Hamad Obaid Ibrahim Salem Alzaabi also called on the Army Chief.

 

During the meeting, matters of mutual interest, bilateral defence and security cooperation and regional security situation came under discussion.

 

General Bajwa said Pakistan values Emirate’s role in global and regional affairs and we look forward to enhance our bilateral relationship.

 

Both sides agreed to further enhance cordial relations and enduring strategic partnership.

 

The visiting dignitary expressed his grief over the devastation caused by floods in Pakistan, offered sincere condolence to the families of the victims and hoped for early rehabilitation of affectees.

 

The Army Chief appreciated phenomenal support provided by the UAE Government for the flood affectees.

 

Source: Radio Pakistan