TPL Reit Fund 1 to debut on May 02

MG News | April 29, 2024 at 05:08 PM GMT+05:00

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April 29, 2024 (MLN): TPL Properties Limited (PSX: TPLP) is set to launch the Initial Public Offering (IPO) of Pakistan’s first Shariah compliant hybrid reit, TPL Reit Fund 1 on May 02 and 03, 2024.

TPL REIT is part of TPL Group which is Pakistan’s Leading Tech-Driven Conglomerate with businesses across a variety of sectors.

The group has demonstrated its real estate expertise through its flagship project called ‘Centrepoint’ which yielded an ROI of 130%.

The Fund has invested in diversified pool of real estate assets including Master Planned Community, Premium-End Luxurious Residential Tower and first of its kind Technology Park.

Considering that the fund is Perpetual, TPL RMC is evaluating multiple other projects for addition to the TPL REIT.

All real estate investments are set to follow the best sustainabiity and environment principles and shall achieve at least one of the prominent green budng certifications such as EDGE, LEED, BREEAM or WELL for all its real estate development projects.

Existing investors include TPL Properties: Pakistan’s leading Real Estate Developer & Operator and 8 leading commercial banks of Pakistan including Habib Bank Limited, National Bank of Pakistan, The Bank Of Punjab, Bank AL Habib, Bank Alfalah, HabibMetro, Soneri Bank Limited and Askari Bank.

Dividends will be distributed at completion of each project to avai tax exemption under the law. All approvals for One Hoshang are in place and construction is ongoing, hence, first dividend is expected in FY26, according to TPLP.

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