TPL REIT Management Company Ltd, a wholly-owned subsidiary of TPL Properties Ltd, has successfully entered into unit subscription agreements for its first funding round of Rs18.35 billion in its TPL REIT Fund I (fund), paving way for the acquisition of assets, informed the company in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to announce that TPL REIT Management Company Ltd (TPL RMC) (a wholly owned subsidiary of TPL Properties Ltd) has successfully entered into Unit Subscription Agreements for its first funding round of PKR 18.35 Billion in its TPL REIT Fund I (Fund) with all initial investors.
“As a next step, the fund will start acquisition of the initial three assets (held through SPVs) from TPL Properties (as the strategic investor in the Fund) against cash consideration and issuance of REIT Units for which required approvals are in place,” read the statement.
Back in March, TPL REIT secured its first funding round of Rs18.35 billion for its fund.
TPL REIT secures Rs18.35bn in funding round
TPL REIT is the first and largest Shariah-compliant Development Impact REIT Fund in Pakistan and its eventual size is envisaged at Rs80 billion, which will be raised from local and international investors.
The company is capitalising 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.
Earlier, TPL Properties Limited in its extraordinary general meeting held on March 22, authorised to sell the projects, including HKC (Private) Limited, TPL Technology Zone Phase-1 (Private) Limited and National Management & Consultancy Services (Private) Limited, to TPL REIT Fund I in lieu of units to hold strategic shareholding of at least 35% in the REIT Fund.