TPL Properties acquires land at Korangi cantonment

KARACHI: TPL Properties Limited on Monday announced to complete the acquisition of 40 acre of land located in the Korangi cantonment.

A communication received by the Pakistan Stock Exchange (PSX) revealed that the company had completed the acquisition of 40 Acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi.

The acquisition has been made through 100 per cent Special Purpose Vehicle (SPV), it added.

The company will be developing a world-class mixed-use real estate development, backed by modern IT and related infrastructure, with the support of a leading international firm SSH.

It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs).

The TPL previously on December 24, 2021, announced that the Securities and Exchange Commission of Pakistan, by way of its approval Letter dated, December 23, 2021, has approved and registered the REIT Scheme namely DCCL Trustee – TPL REIT Fund I, as a Hybrid REIT Scheme.

Upon approval of the Scheme, the Company is now aiming to attain Financial Close shortly, it added.

Furthermore, on December 01, 2021, the company informed the PSX that the Securities and Exchange Commission of Pakistan, by way of its Consent Letter dated, November 30, 2021, in terms of Regulation 3(c) of the REIT Regulations 2015, has accorded its approval to TPL REIT Management Company Limited (“TPL RMC”), a wholly-owned subsidiary of TPL Properties 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 Rs18.35 billion to be raised from local investors and ultimately the target fund size of Rs 80 billion to be raised from local and international investors.

The Company shall now get the Trust Deed registered under the Sindh Trust Act, 2020 and subsequently get the REIT Scheme Registered with the SECP.