TPL REIT Management Company Ltd (TPL RMC) (a wholly-owned subsidiary of TPL Properties Ltd) has successfully entered into Unit Subscription Agreements for its first funding round of Rs. 18.35 billion in its TPL REIT Fund I (Fund) with all initial investors.
As a next step, the Fund will start 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 for which required approvals are in place.
TPL Properties included Centrepoint (acquired by a leading bank), Tech Park, the first technology park in Karachi, and One-Hoshang, the luxurious residential houses are the other two properties.
The company established a REIT management subsidiary which is in process of launching 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 (PSX) with a portfolio of assets across Residential, Commercial, Retail, and Logistics Warehousing.