KARACHI: A real estate development company in Pakistan has announced plans to raise $500 million through a private investment trust, calling it one of the largest such fundraisings initiative in the country’s history.
According to Ali Jameel, chief executive officer of TPL REIT Management Co, which is targeting to capitalise on the development of construction sector, the company expects to close the deal by June, with an offer of internal rate of return of more than 30 per cent in local currency.
“TPL REIT Management Co is seeking to raise 60pc of the targeted funds from foreign investors, 30pc from domestic investors and the rest from its parent TPL Properties Ltd,” Mr Jameel was quoted as saying by Bloomberg.
He said that construction activity was witnessing rapid growth due to access to finance for both the developer and the buyer, and the trend was expected to continue exponentially over the next couple of years. In addition, he said, the company was up to list the REIT within three years in Pakistan and overseas and the funds would be used to finance three real estate projects, a tech park, a high-end residential building and a gated seafront community.
The company’s website says that TPL Properties Limited was incorporated in Pakistan as a private limited company in February 2007 with principal activities to invest, purchase, develop, sell, lease or dispose real estate assets primarily in the commercial and residential asset classes.
TPL Properties Limited, it says,...
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