TPL REIT Fund I has announced that it is evaluating a potential divestment from HKC (Private) Limited through the sale of land associated with its Project-B One Hoshang development.
The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to inform you that TPL REIT Fund I (Fund) has decided to undertake the potential disposal/divestment from HKC (Private) Limited (HKC), through the sale of the project land (Project-B One Hoshang).”
“The proposed transaction remains subject to the execution of definitive agreements, receipt of all requisite corporate, regulatory and third-party approvals, and completion of necessary formalities and processes by the Fund and the SPV in accordance with the constitutive documents of the Fund and applicable laws,” read the notice.
TPL REIT Management Company Limited, a 100% owned subsidiary of TPL Properties Limited, launched the first Shariah-compliant hybrid REIT Fund of Pakistan, namely TPL REIT FUND – I.
TPL REIT FUND – I seeks long-term growth in NAV and dividend distribution for its unitholders through investing in sustainable real estate assets in Pakistan.
Currently, the Fund has invested in three projects: Mangrove – a master planned community for mixed development, One Hoshang – Pakistan’s one of a kind premium-end residential apartment tower and Tech Park – first of a first-of-a-kind technology park in Pakistan.
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