TPL REIT Management Company Ltd said in a filing to the Pakistan Stock Exchange (PSX) on Thursday that it had successfully raised Rs18.35 billion for its TPL REIT Fund I (Fund), clearing the path for the REIT to reach its target of Rs80 billion.
TPL REIT Management Company Ltd (TPL RMC) (a wholly-owned subsidiary of TPL Properties Ltd) has successfully obtained its first funding round of PKR 18.35 billion for its TPL REIT Fund I (Fund) with firm investment commitments in place with all original investors, according to the PSX notification.
“The initial three assets (held through Special Purpose Vehicles) from TPL Properties (as the strategic investor in the Fund) against cash consideration and issuance of REIT units are targeted to be completed within the next 30 days,” according to the organization. TPL REIT is Pakistan’s first and largest Shariah-compliant Development Impact REIT Fund, with a target size of Rs80 billion raised from both local and foreign investors.
By introducing the first development impact, REIT Fund, the business is using the real estate development and management capabilities of its parent company, TPL Properties Limited, and filling a vacuum in Pakistan’s real estate market.
TPL Properties Limited authorized the sale of HKC (Private) Limited, TPL Technology Zone Phase-1 (Private) Limited, and National Management & Consultancy Services (Private) Limited to TPL REIT Fund I in lieu of units to hold a strategic shareholding of at least 35 percent in the REIT Fund at its extraordinary general meeting on March 22. The Securities and Exchange Commission of Pakistan (SECP) accepted and registered the DCCL Trustee – TPL REIT Fund I REIT Scheme as a Hybrid REIT scheme last year.
