TPL REIT Fund I Completes First Funding Round

TPL REIT Fund I (Fund) managed by TPL REIT Management Company Limited (TPL RMC) has successfully completed its first funding round. The Fund has received the disbursement of the third and final tranche of 30 percent of the balance equity funding, Rs. 3.375 billion from its anchor investors, TPL Properties, the parent company of TPL RMC, said in a notice to the Pakistan Stock Exchange (PSX) on Thursday. The notice said that post disbursement, TPL Properties is holding 38.7 percent while other investors will be holding 61.3 percent in the Fund. TPL RMC provides REIT management services in Pakistan and is a wholly owned subsidiary of TPL Properties, 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.