TPL REIT Fund, TPL’s technology-focused private fund, has proposed a major shift in its earlier announced plan regarding the wind-up of TPL Technology Zone Phase I (Private) Limited (TTZ), the special purpose vehicle (SPV) undertaking Project C – Technology Park.
According to a resolution shared with the Pakistan Stock Exchange (PSX) on Tuesday, the fund’s management company has sought approval to retain the proceeds from the sale of TTZ’s project land—instead of distributing the liquidation proceeds to unit holders after winding up the SPV, as originally disclosed on December 27, 2024.
The retained funds, the resolution states, would be “reinvested strictly to support the development-related expenditure (and not for any other purpose whatsoever, including but not limited to purchase of land or settlement of associated companies’ borrowings/liabilities, etc.) at another existing Project SPV of the Fund, namely National Management & Consultancy Services (Pvt.) Limited (NMC).
The reinvestment plan is subject to all contractual and regulatory approvals.
The resolution further authorises the management company to take all necessary steps, execute documents, make regulatory filings, and perform any actions required to implement the revised strategy.
If approved, the move would redirect capital from the winding-up of TTZ toward accelerating development of the Mangrove project.
TPL REIT is the first and largest Shariah-compliant Development Impact real estate investment trust Fund in Pakistan, and its eventual size is envisaged at Rs80 billion.
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