June 27, 2022 (MLN): TPL REIT Fund I managed by TPL REIT Management Company Limited (TPL RMC), a wholly-owned subsidiary of TPL Properties, has successfully achieved its First Financial Close with disbursements of the first tranche of 50% of the first round of equity funding, Rs5.625 billion from the eight (08) leading commercial banks in Pakistan.
Out of the total Initial fund size amounting to Rs18.35 billion, TPL Properties Limited (TPLP), the strategic investor in the fund, contributes Rs7.1 billion of land value to the fund, in the form of Investment Property (Initial Asset Portfolio), while the remaining Rs11.25 billion (Fresh Raise) is a fresh equity raise by the largest banks in Pakistan (Anchor Investors) out of which TPL REIT has received disbursements amounting to Rs5.625 billion (50% of the total Fresh Raise) as part of the first tranche, as the fund satisfied all its condition precedents for disbursement.
The initial funds received by TPL REIT will be deployed in financing the development costs of the Initial Asset Portfolio which includes the first Technology Park in Pakistan, the first sustainable integrated master plan community, Mangrove, and a residential asset; One Hoshang. The remaining 50% of the Fresh equity Raise will be disbursed in two further tranches based on specific milestones agreed upon with the Anchor Investors.
TPL REIT Management Company Limited (TPL RMC) is the leading provider of REIT management services in Pakistan. TPL RMC is a 100% owned subsidiary of TPL Properties Limited (TPLP), established to capitalize on the Real Estate development and management expertise of its parent company through launching Sustainable Development Impact REIT Funds across diverse real estate asset classes in Pakistan.
Copyright Mettis Link News
Â
33728
