TPL REIT Management Company Ltd (TPL RMC) (a wholly-owned subsidiary of TPL Properties Ltd) has successfully secured its first funding round of Rs. 18.35 billion for its TPL REIT Fund I (Fund) with firm investment commitments in place with all initial investors.
The acquisition of the initial three assets (held through SPVs) from TPL Properties (as the strategic investor in the Fund) against cash consideration and issuance of REIT Units is targeted to be completed within the next 30 days.
TPL Properties was established in 2007 and became a PSX-listed company in 2016. Centrepoint, the first project and flagship office development was completed in 2013 and subsequently acquired in 2021 by Bank Al Habib for their head office.
The company established a REIT management subsidiary which raised its first REIT Fund. TPL REIT I will take over three self-developed projects. This will establish TPL Properties as the only institutional Real Estate company in Pakistan listed on the stock market with a portfolio of assets across residential, commercial, retail, and logistics warehousing.
Further, a subsidiary TPL Property Management continues to provide facility management services.
