KARACHI: Naya Nazimabad Apartment REIT (NNAR) has started trading on the Main Board of the Pakistan Stock Exchange (PSX), giving investors a listed route to gain exposure to a portfolio of real estate assets through the capital market.
The REIT began trading on September 17, 2026, under the ticker NNAR in the Real Estate Investment Trust sector. The units have a face value of Rs. 10, while the reference price was set at Rs. 23 following the book-building process.
Strong Demand During Book Building
The listing followed the REIT’s book-building process held on September 1 and 2. Approximately 44.06 million units, representing 15% of the scheme, were offered to investors.
Of the offered units, 75% were allocated through the book-building process, while the remaining 25% were reserved for public subscription. The offer price range was set between Rs. 18 and Rs. 23, with the final strike price reaching the upper end of the range.
Reported results showed bids worth approximately Rs. 4.55 billion against an issue size of around Rs. 595 million. The offering was therefore oversubscribed by roughly eight times, reflecting substantial demand during the subscription process.
REIT Structure and Property Portfolio
Naya Nazimabad Apartment REIT is structured as a closed-end developmental REIT and is managed by Arif Habib Dolmen REIT Management Limited.
Its underlying property portfolio includes assets in Karachi and Lahore. A key objective of the REIT is to develop residential apartments near Naya Nazimabad in Karachi and generate returns for unit holders through the development and sale of those properties.
The REIT is also classified as Shariah-compliant under the relevant screening criteria for the PSX-KMI All Share Index.
Trading and Settlement Details
NNAR units are traded through the PSX and follow a T+1 settlement cycle. The units are eligible securities with the Central Depository Company (CDC), while clearing and settlement are handled by the National Clearing Company of Pakistan Limited (NCCPL).
CDC Share Registrar Services Limited is serving as the share registrar for the REIT.
On its first trading day, PSX market data showed NNAR trading at Rs. 22.50, with the unit recording an intraday range of Rs. 21.64 to Rs. 22.89 as of 2:10 p.m.
The listing provides another avenue for investors seeking exposure to real estate through a regulated market instrument rather than purchasing property directly. However, as with other listed securities, the market price of REIT units can fluctuate based on demand, market conditions, project performance, and other factors.
