TPL REIT Fund I IPO subscription now open until May 3

MG News | May 02, 2024 at 09:30 AM GMT+05:00

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May 02, 2024 (MLN): The public subscription for the IPO of TPL REIT Fund I has commenced and remains open till the end of May 3, 2024 (5 pm for physical applications and midnight for e-IPO), the manager to offer Next Capital informed PSX today.

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 a diversified pool of real estate assets including Master Planned Community, a Premium-End Luxurious Residential Tower and a kind 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 sustainability and environmental principles and shall achieve at least one of the prominent green buding 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 after each project to avoid tax exemption under the law. All approvals for One Hoshang are in place and construction is ongoing, hence, the first dividend is expected in FY26, according to TPLP.

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