December 1, 2021 (MLN): TPL Properties Limited (TPLP) has announced that the Securities and Exchange Commission of Pakistan has accorded its approval for selling the company’s developmental assets to TPL REIT Management Company Limited (TPL RMC), with a target fund size of Rs80 billion to be raised from local and international investors, the company filing on PSX showed.
The regulatory authority gave the said approval for the registration of the proposed trust deed “TPL REIT Fund I” under the Sindh Trust Act, 2020, with an initial fund size of Rs18.35bn to be raised from local investors. To note, TPL RMC is a wholly-owned subsidiary of TPLP.
The company shall now get the trust deed “TPL REIT Fund I’ registered under the Sindh Trust Act, 2020 and subsequently get the REIT Scheme registered with the SECP, the notice said.
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