The Securities and Exchange Commission of Pakistan (SECP) has approved and registered the REIT Scheme namely DCCL Trustee – TPL REIT Fund I, as a Hybrid REIT scheme.
The development was shared by TPL Properties in its filing to the Pakistan Stock Exchange (PSX) on Friday.
“This is in continuation to our earlier disclosure dated December 1, 2021, we are pleased to announce that in terms of the Regulation 5 (1) of the REIT Regulations 2015, the Securities and Exchange Commission of Pakistan, by way of its approval Letter dated, December 23, 2021, has approved and registered the REIT scheme namely DCCL Trustee – TPL REIT Fund I, as a Hybrid REIT scheme,” read the filing to the bourse.
TPL Properties added that upon approval of the scheme, the company is now aiming to attain financial close shortly.
Raising funding: TPL Properties gets SECP nod
Earlier this month, TPL Properties Limited announced that the SECP has given its nod for selling the company’s developmental assets to its wholly-owned subsidiary, TPL REIT Management Company Limited, paving way for the REIT to raise Rs80 billion funding.
“We are pleased to announce that the Securities and Exchange Commission of Pakistan, by way of its Consent Letter dated, November 30, 2021, in terms of Regulation 3(c) of the REIT Regulations 2015, has accorded its approval to TPL REIT Management Company Limited… for the registration of the proposed trust deed ‘TPL REIT Fund I’ under the Sindh Trust Act, 2020,” read the company’s filing then.
Under the proposed deed, an initial fund size of Rs18.35 billion will be raised from local investors and ultimately, the target fund size of Rs80 billion will be raised from local and international investors, TPL Properties said.
Pakistan to see its first set of developmental REITs
Back in September, TPL Properties informed its stakeholders that its Board of Directors have given approval for selling “its developmental assets either directly or through SPVs to the REIT Fund to be managed by TPL REIT Management Company Limited and act as a Strategic Investor in the Fund”.
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