Lahore February 22 2022: Bank of Punjab President zafar_Masud and head of TPL group, Ali Jameel sign term sheet to invest PKR 2 billion in TPL REIT Fund 1. Next Capital is exclusive advisor on this transaction.
The Securities and Exchange Commission of Pakistan (SECP) approved and registered the REIT Scheme namely DCCL Trustee – TPL REIT Fund I, as a Hybrid REIT scheme.
Under the proposed deed, an initial fund size of PKR 18.35 billion will be raised from local investors and ultimately, the target fund size of PKR 80 billion will be raised from local and international investors, TPL Properties said.
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Total number of registered companies now stands at 1,60,989: SECP
These funds will use to acquire and develop three commercial and residential properties in Karachi, according to a recent regulatory filing.
Next up will be the acquisition of the targeted properties for development. The first asset is a two-acre piece of land in Korangi that the REIT will develop into a technology park.
The second property is located at the intersection of the upscale Hoshang Road and Abdullah Haroon Road on which the REIT will construct a high-end, 30-floor residential tower along with a small commercial portion.
The third property is a 40-acre piece of land in Korangi Creek that the REIT will acquire and develop into an upmarket gated residential community. The Company will be developing a world class mixed-use real estate development, backed by modern IT and related infrastructure, with the support of a leading international firm SSH. It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs).
TPL Properties Ltd has already acquired the three assets. It’ll contribute the same to the REIT fund and acquire units (or shares) in it as a strategic investor.
