SECP approves public offering of Naya Nazimabad Apartments REIT

Pakistan's Securities and Exchange Commission (SECP) approved the Offer for Sale prospectus of Naya Nazimabad Apartments REIT (NNAR) on Monday, clearing the way for its listing on the Pakistan Stock Exchange (PSX).

The approval marks the 13th public offering cleared by SECP in 2026.

What is the Naya Nazimabad Apartments REIT public offering?

The Naya Nazimabad Apartments REIT public offering allows investors to buy units in a real estate investment trust developing residential, commercial and retail property in Karachi. It comprises 44.06 million units, representing 15% of the scheme's total units, offered through PSX's book-building mechanism.

Pakistan's primary capital market continues to gain momentum, with businesses across manufacturing, technology, energy, food, agriculture and real estate increasingly turning to the stock exchange to raise growth capital. Of the total units on offer, 75% are allocated to institutional investors and high-net-worth individuals, while the remaining 25% go to retail investors.

What kind of REIT is Naya Nazimabad Apartments REIT?

NNAR is a closed-end Developmental REIT established under the Real Estate Investment Trust Regulations, 2022. The scheme develops acquired real estate into commercial, retail and residential units, generating returns for unit holders through the sale of completed properties.

Pakistan now has 29 registered REIT schemes, six of which are listed on PSX. The NNAR listing will raise the number of listed REITs to seven, expanding regulated investment opportunities in the real estate sector.

What has SECP said about the rise in public offerings?

SECP Chairman Dr. Kabir Ahmed Sidhu said the rising number of public offerings reflects growing reliance on capital markets for business financing and investment. "A strong primary market helps channel savings into productive investment and provides businesses with alternative sources of long-term financing," he said.

Sidhu said SECP is also working to reduce the time and cost of raising capital, strengthen transparency and price discovery, and broaden participation by issuers and investors.