IMAGE REIT
Image REIT formed as a Trust under the REIT Regulations in Pakistan is Shariah Compliant and carries a hybrid model perpetual scheme to invest in developmental and rental real estate assets, yielding real estate assets and underperforming real estate assets under a Direct Investment Structure in Pakistan, as per the defined Investment Criteria set out in Prospectus. Notably, the investments will be made in Project, aimed at sustainable assets and achieving best in-class environmental, social and governance standards. Image REIT has Initial asset portfolio consisting of the following two (2) REIT Components:
Rental Component comprises of constructed property located at Plot No. A/33, Central Commercial Area, Block 7/8, Main Shahrah-e-Faisal, Karachi with a complete built-up area of 23,000 square feet; which includes anything moveable & immovable or permanently attached assets to the aforesaid property, such as building, walls, fixtures, improvements, fences, sewers, structures, and utility system, etc. The building is fully occupied with offices generating rental income.
Developmental Component which comprises of land located at Tipu Sultan Road, Karachi consists of over 4,500 sq. ft. for construction of 65,500 sq. ft. of commercial as well as residential units. The Development Component will be completed in 3 years. Upon completion of developmental work, it will be initially converted into Hybrid Component and then sold for generating income of the REIT scheme. The Management Company may add additional projects in this REIT Scheme as permitted and specified under the REIT Regulations.
