Pakistan fashion brand Image plans to launch a real estate investment trust next month for two of its properties in Karachi.
Image
Image intends to offer 92 million shares at 10 Pakistani rupees below their net asset value in the planned REIT issue, Topline Securities Chief Executive Officer Mohammed Sohail said on Saturday in a text message. The offering will provide investors with substantial potential for gains, according to Sohail.
Topline Securities and Growth Securities are joint advisers for the transaction.
The offering comes as real estate prices rise in Karachi after years of stagnation, according to Pakistan’s largest online real estate portal Zameen.com. The country’s economy has been bolstered by a $7 billion loan deal with the International Monetary Fund.
Image is a textile manufacturer and fashion brand with about 14 stores in Pakistan, and has an online presence in multiple countries including the US and the UAE.
The REIT will be separate from the listed entity Image Pakistan Ltd.
