TPL Properties' subsidiary secures first funding round of Rs18.3bn

MG News | March 24, 2022 at 09:35 AM GMT+05:00

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March 24, 2022 (MLN): TPL REIT Management Company Ltd (TPL RMC), a wholly-owned subsidiary of TPL Properties Ltd has successfully secured its first funding round of Rs18.35 billion for its TPL REIT Fund I with firm investment commitments in place with all initial investors, company’s filing on bourse showed today.

The 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 is targeted to be completed within the next 30 days, the notice said.

To recall, on Tuesday, the shareholders of TPL Properties have approved to sell three projects of the company to TPL REIT Fund I in lieu of units to hold a strategic shareholding of at least 35% in the REIT Fund, the company’s filing on bourse showed today.

These three projects include; HKC (Private) Limited (One Hoshang), TPL Technology Zone Phase-1 (Private) Limited and National Management & Consultancy Services (Private) Limited (The Mangrove).

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