KARACHI: A signing ceremony was held at BOP’s Karachi office to announce BOP’s investment commitment in TPL REIT Fund. Present on the occasion were Zafar Masud (President & CEO, BOP), Farid Ahmed Khan (Group Chief – Corporate & Investment Banking, BOP), Ali Jameel (Director, TPLREIT Management Company Ltd.) and Ali Asgher (CEO, TPL REIT Management Company Ltd.) along with other senior representatives of both organizations.
With a commitment of Rs 2 billion, BOP will be one of the largest local investors in the initial REIT fund size of Rs 18.75 billion. TPL REIT is the first and largest Shariah-compliant Development Impact REIT Fund in Pakistan and its eventual size is envisaged at $500 million. BOP has actively worked with TPL group on several real estate transactions which have culminated into this REIT structure.
BOP has been a prominent player in the real estate sector of the country over the past year and has played an active role in all facets of this segment like low cost housing, developer finance as well as housing finance under Kamyab Pakistan.
TPL REIT Management Company is a 100 percent owned subsidiary of TPL Properties and was incorporated to undertake REIT management services. The Company is capitalizing on the real estate development and management expertise of its parent company, TPL Properties Limited and tapping into the gap in Pakistan’s real estate market by launching the first development impact REIT Fund.
Copyright Business Recorder, 2022
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