The Securities and Exchange Commission of Pakistan (SECP) has approved a proposal for launching the first ever "Real Estate Investment Trust (REIT)" Scheme in Pakistan. The REIT will be managed by Arif Habib REIT Management Company Limited. With the advent of REIT Schemes in the Pakistan the capital market enters into a new era where it will figure prominently among regional markets.
REITs are a recognised investment vehicle in many developed countries like USA, UK, Australia, Malaysia, Japan, etc. Mutual funds, Modarabas, corporates, banks and other investors will have access to a new asset class (REIT Units) which will enable them to diversify investments and manage risks. The assets of the REIT Scheme will be maintained in the name of the Trustee and its affairs will be managed by a licensed REIT Management Company. The SECP has approved draft trust deed, business plan and conditional valuation report of the scheme. Earlier, the SECP had approved real estate, name and trustee of the REIT scheme.-PR
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