Pakistan Hotels Developers Limited (PHDL) has handed over physical possession of Regent Plaza, a four-star hotel in the country’s financial hub, to the Sindh Institute of Urology and Transplantation (SIUT) Trust.

The development comes after SIUT Trust made 90% payment of sale value of the property, which amounts to $46.8 million, on July 01, 2024 (today), informed PHDL in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“We are pleased to inform you that in continuation of the sale agreement of the property of the company, the requisite approvals from designated authorities has been obtained and process of title transfer of the company property i.e. Regent Plaza Hotel to SIUT Trust will be executed in current month,” read the notice.

The listed company shared that in pursuant to the original sale agreement made on November 15, 2023 and the 3™ Addendum dated July 1, 2024 to agreement of sale between both parties, the SIUT Trust has paid 80% of the sale proceed to the company on July 01, 2024.

This is “in addition to the 10% down payment already paid, at the time of sale agreement and agreed to pay remaining 10% balance of sale proceed to the company on completion of title transfer of the property,” read the statement.

PHDL said the physical possession of the property has been handed-over to SIUT Trust pursuant to 90% payment of sale value of the property on July 01, 2024.

“However, to fulfil the existing commitment of the company, SIUT Trust has allowed the company to continue its operations till July 17, 2024 under the license issued by SIUT Trust and from the day end of July 17, 2024, all operations of the company in the Hotel shall stand concluded,” PHDL added.

SIUT is one of the leading healthcare institutions in Pakistan, providing a range of services, including urology, nephrology, and transplant surgery, and has a strong focus on research and education.

Last year in October, the SIUT Trust expressed its interest to purchase Karachi’s Regent Plaza for Rs14.5 billion (nearly $52 million).

Following the announcement, PHDL’s board of directors in November nominated two executives to finalise the sale of Regent Plaza to SIUT Trust.