TPL Properties Decides to List REIT Fund on PSX

TPL Properties Limited (PSX: TPLP) has decided to list REIT Fund I on the Pakistan Stock Exchange (PSX), the company informed the main bourse on Tuesday. “The Board of Directors of TPL REIT Management Company Limited (“TPL RMC”) a wholly owned subsidiary of the Company, has accorded its approval on December 26, 2023 for the listing of TPL REIT Fund I on the Pakistan Stock Exchange Limited (“PSX”). The last reported NAV of the fund is PKR 28.99 billion,” the stock filing stated. The filing said this listing, per Chapter 5 of the Pakistan Stock Exchange Regulations, will be conducted by way of a Fixed Price Listing through an offer for sale to the public (“OFS”). “Existing unitholders (“Offerors”) will participate on a pro-rata basis, with the price per unit determined by the TPL RMC based on the Net Asset Value (NAV) prevailing at the time of the unit sale. However, the aforesaid procedure shall remain subject to obtaining necessary approvals and consents from the Anchor Investor(s) and the Regulators,” it added. The principal activity of the Company is to invest, purchase, develop, and build real estate and to sell, rent out, or otherwise dispose of in any manner the real estate including commercial and residential buildings, houses, shops, plots, or other premises.