SECP Approves Pakistan’s Largest REIT Fund

The Securities and Exchange Commission of Pakistan (SECP) has accorded its approval to TPL REIT Management Company Limited for the registration of the proposed trust deed “TPL REIT Fund I” under the Sindh Trust Act, 2020, with an initial fund size of Rs. 18.35 billion to be raised from local investors. TPL REIT is a wholly-owned subsidiary of TPL Properties Limited. It targets the fund size of Rs. 80 billion to be raised from local and international investors. The company will now get the Trust Deed registered under the Sindh Trust Act, 2020 and subsequently get the REIT Scheme Registered with the SECP, according to a stock filing. The management of TPL Properties planned for a long-term value creation roadmap that will crystallize with the evolving business structure. The fund will help the company to develop its pipeline projects in the coming years.