RAWALPINDI: ISE Towers REIT Management, formally Islamabad Stock Exchange Company, has structured a “Rental REIT Scheme”, the first REIT in the North region of Pakistan.
While presiding over the meeting, Chairman Board of Directors, Zahid Latif Khan, briefed that the Scheme will convert the real estate owned by the Company in ISE Towers into a Perpetual Rental REIT Scheme.
The Scheme would be launched shortly and to be listed on the Securities Exchange under the “Direct Listing” model, he said.
Zahid informed that the recent pro-business amendments to the REIT Regulations, 2015 made by the Securities and Exchange Commission of Pakistan had paved the way for the launch of the REIT Scheme, and more Schemes will follow it shortly.
He added while lauding the efforts and initiatives of SECP to develop the real estate sector.
“The Board believed that the growth in the REIT sector would lead to better documentation, governance, and transparency in the real estate sector in line with the vision of Pakistan” s government, ” Zahid said.
He added that although the Federal Board of Revenue had accepted some long-demanded tax amendments for REIT Sector, however, balance taxation under the SPV model for REIT was still needed.
Just to acquaint, ISE Towers REIT Management Company Limited, formerly known as Islamabad Stock Exchange Limited, was established as NBFC in January 2016 upon the merger of three stock exchanges.
The Company was licensed to act as REIT Management Company under the REIT Regulations, 2015, while the Board approved the Scheme on its 15 November 2021 meeting.