TPL REIT Fund I managed by TPL REIT Management Company Limited (TPL RMC) has completed its first funding round.

The fund has received the disbursement of the third and final tranche worth Rs3.375 billion from its anchor investors, shared TPL Properties, the parent company of TPL RMC, in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“Post disbursement, TPL Properties (strategic investor) is holding 38.7% while other investors will be holding 61.3% in the fund,” read the notice.

“TPL RMC provides REIT management services in Pakistan and is a wholly owned subsidiary of the TPLP, 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,” it added.

Last year in December, TPL Properties Limited successfully completed a strategic investment of Rs7.1 billion in TPL REIT Fund, after the latter completed land acquisition for its ‘Tech Park’ project.

TPL REIT is the first and largest Shariah-compliant Development Impact real estate investment trust Fund in Pakistan and its eventual size is envisaged at Rs80 billion, which will be raised from local and international investors.

Earlier, TPL RMC secured its first funding round of Rs18.35 billion for its TPL REIT Fund I.

Subsequently, in May, the company entered into unit subscription agreements for its first funding round of Rs18.35 billion in its TPL REIT Fund I (fund), paving way for the acquisition of assets.

TPLP was incorporated in Pakistan as a private limited company in February 2007 under the repealed Companies Ordinance, 1984. In 2016, the company changed its status from private limited company to a public company.The principal activity of the company is to invest, purchase, develop and build real estate and to sell and rent out properties including commercial and residential buildings, houses, shops and plots.