The book building portion of the Naya Nazimabad Apartment REIT was fully subscribed within the first hour of bidding on Tuesday, indicating strong demand from institutional and high-net-worth investors.

The two-day book building process started on September 1 and will end on September 2. The REIT is offering 44.06 million units, equal to 15 percent of the scheme, through an offer for sale ahead of its planned listing on the Pakistan Stock Exchange.

Of these, 33.05 million units, or 75 percent of the total offering, have been reserved for institutional and high-net-worth investors through book building. The remaining 11.02 million units, representing 25 percent, will be offered to the general public at the final strike price determined through the bidding process.

The units are being offered within a price range of Rs. 18 to Rs. 23. Based on the final price, the total offering could be valued between approximately Rs. 793 million and Rs. 1.013 billion.

Naya Nazimabad Apartment REIT is a closed-end, Shariah-compliant developmental REIT managed by Arif Habib Dolmen REIT Management Limited. Its portfolio includes three real estate assets in Karachi and Lahore, with a combined assessed value of around Rs. 20.46 billion as of April 2026.

The strong opening response highlights investor interest in professionally managed, asset-backed real estate investment products. Once book building concludes, the 11.02 million units reserved for the public will allow retail investors to participate in the offering.