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Pakistan to See First REIT in Years on Khan’s Construction

As Prime Minister Imran Khan attempts to revive the economy through a construction boom, Pakistan will establish its first real estate investment trust in over six years.

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Arif Habib Dolmen REIT Management Pvt. plans to collect 8 billion rupees ($51 million) through private placements in two REITs for a Karachi housing project, according to a Tuesday interview with the company’s CEO, Muhammad Ejaz. In around two months, it intends to acquire the land, in part from Silk bank Ltd., he said.

Arif Habib Dolmen established the sole REIT in Pakistan in 2015, and the industry, which had been dormant since then, is now rebounding due to Khan’s incentives and legal changes. Pakistan is willing to forgive tax evaders who engage in construction projects, while banks have been instructed to boost outstanding mortgages by at least 5 percent by December.

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The focus of one of the new REITs will be villas, while the other will be residential buildings and commercial ventures. Pakistan is altering its regulations to make REITs more alluring to investors and developers. In his budget this month, Finance Minister Shaukat Tarin reduced the dividend payment tax on REITs from 25% to 15%.

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