Pakistan’s fashion brand, Image, is set to launch a real estate investment trust (REIT) next month for two of its properties in Karachi, according to a report by Bloomberg.
The REIT issue will offer 92 million shares at a price of Rs. 10 below their net asset value, as confirmed by Topline Securities CEO Mohammed Sohail.
Topline Securities and Growth Securities are serving as joint advisers for the transaction. The launch comes amid a recent surge in Karachi’s real estate prices, following years of stagnation, as highlighted by property portal Zameen.com.
Image, widely recognized for its textile manufacturing and fashion retail business, operates 14 stores across Pakistan and has an online presence in international markets, including the US and the UAE. The REIT will operate independently from the listed entity, Image Pakistan Ltd.
