Pakistan’s fashion brand Image is preparing to launch a real estate investment trust (REIT) next month for two of its properties in Karachi.
The REIT offering will consist of 92 million shares, priced at Rs. 10 below their net asset value, said Mohammed Sohail, CEO of Topline Securities.
Topline Securities and Growth Securities are serving as joint advisers for the transaction. The move comes on the heels of a recent surge in Karachi’s real estate prices, following years of stagnation.
Image, widely recognized for its textile manufacturing and fashion retail business, operates approximately 14 stores across Pakistan and maintains an online presence in international markets such as the United States and the United Arab Emirates (UAE). The newly launched REIT will operate independently from the listed entity, Image Pakistan Ltd.
