Image REIT Launches Pakistan’s First Hybrid REIT IPO Worth Rs920m

September 05, 2025:

Sinolink REIT Management Company Limited is set to make history with the launch of Image REIT, Pakistan’s first-ever hybrid Real Estate Investment Trust (REIT), through an Initial Public Offering (IPO) valued at Rs920.15 million.

IPO Structure

The Image REIT IPO offers 92,015,467 units at a floor price of Rs10 per unit, representing 33.36% of the post-IPO paid-up units.

·        Entirely conducted through 100% book-building method

·        Price band: Rs10 – Rs14 per unit

·        Investor registration begins next week

Hybrid Innovation – A First in Pakistan

Image REIT introduces a hybrid structure that combines both rental and developmental components, setting a precedent in Pakistan’s REIT market:

·        Rental Component: Operational commercial property located at Plot No. A/33, Central Commercial Area, Block 7/8, Main Shahrah-e-Faisal, Karachi — generating revenues since July 2023.

·        Developmental Component: A mixed-use project at Plot No. 19, DMCHS, Block 7/8, Tipu Sultan Road, Karachi — featuring 22 residential apartments, retail spaces, and two basement parking levels, expected completion by 2028.

Investment Timeline

·        Investor Registration: September 8–11, 2025 (9:00 AM – 3:00 PM)

·        Bidding Period: September 10–11, 2025 (9:00 AM – 5:00 PM)

·        Public Subscription: September 17–18, 2025 (9:00 AM – 5:00 PM)

Under the book building mechanism, successful bidders will receive 75% (69.01m units) of the issue size, while the remaining 25% (23.00m units) will be allocated to retail investors.

Governance and Ratings

·        VIS Credit Rating Company Limited has rated the REIT scheme RFR3 (hr) and the management company AM3 (RMC).

·        Central Depository Company of Pakistan Limited (CDC) will serve as trustee, ensuring robust governance and compliance.

·        The REIT was registered with SECP on March 7, 2023, after initial approval in June 2022.

Advisory and Fund Utilization

·        Target Fund Size: Rs2.76 billion (no debt financing)

·        Joint Lead Managers & Book Runners: Topline Securities Limited and Growth Securities (Private) Limited

·        Advisory Support: R.H. Memon Consulting Engineers and Sadruddin Associates

IPO proceeds will primarily finance the developmental component, offering investors exposure to both rental income and long-term capital gains.