TPL REIT Fund I has announced its decision to divest from Project C-Technology Park, initiating a process that includes the sale of project land owned by its wholly owned subsidiary, TPL Technology Zone Phase I (Pvt.) Limited (Project SPV).
According to a disclosure issued under Section 96 of the Securities Act, 2015, and PSX regulations, the divestment plan involves the liquidation of Project SPV following the asset sale. The proceeds from the liquidation will be distributed to the Fund’s unitholders as part of the transaction.
The successful execution of the transaction remains contingent on several factors, including the completion of transaction documents, corporate and regulatory approvals, third-party clearances, and fulfillment of other necessary formalities.
According to the PSX website, TPL REIT Fund – I, Pakistan’s first Shariah-compliant hybrid REIT Fund, is fully owned by TPL REIT Management Company Limited, a wholly-owned subsidiary of TPL Properties Limited.
TPL REIT Fund – I aims to achieve long-term growth in net asset value (NAV) and provide consistent dividend distributions to its unitholders by investing in sustainable real estate assets in Pakistan. The Fund currently has investments in three projects: Mangrove – a master-planned community for mixed-use development; One Hoshang – a premium residential apartment tower; and Tech Park – Pakistan’s first dedicated technology park.
