KARACHI (PR): Arif Habib Dolmen REIT Management Limited, a joint venture between the Arif Habib Group and the Dolmen Group, listed South Asia’s first Real Estate Investment Trust (REIT) – Dolmen City REIT at a gong ceremony Friday at the Karachi Stock Exchange.

M Zafar-ul-Haq Hijazi, Chairman SECP, rang the gong and said, “Dolmen City REIT, is the first REIT in South Asia and its listing calls for the accreditation of a new Sector ‘Real Estate Investment Trust’ in KSE’s sector classification, which is an achievement for everyone involved. The addition of this new sector allows investors a fresh avenue of safe investment which is also accessible to smaller investors. I congratulate Arif Habib Dolmen REIT Management Limited and the Karachi Stock Exchange on this momentous occasion.”

He also added that the SECP will continue to play an effective role for the development of Pakistan’s capital markets and encourage innovative products which will broaden investment opportunities. The SECP will also enforce strict regulations to safeguard the public’s interest.

Dolmen City REIT is a closed-ended, Listed Shariah compliant Rental REIT which offers investors to become Unit holders of two component of the Dolmen City project, Dolmen Mall Clifton and The Harbor Front. Book building portion of the IPO took place on the 8th and 9th of June and was heavily oversubscribed withthe book runner receiving bids for Rs 7.14 billionagainst the offer of Rs 4.17 billion.

The General Public participated in the IPO on the 12th of June. The properties will generate rental income that will be distributed by the REIT Scheme among unit holders in the shape of dividends. Any possible appreciation in the value of the property will be an added benefit.