TPL Plans Pakistan’s Biggest REIT to Gain From Construction Push
- TPL to list REIT in Pakistan, overseas within three years: CEO
- Prime Minister Khan looking to boost growth with construction
Vehicles travel along elevated highways in Karachi, Pakistan.
Photographer: Asim Hafeez/BloombergThis article is for subscribers only.
A unit of Pakistan’s TPL Corp. plans to raise as much as $500 million through a private real estate investment trust, marking one of the largest such fundraisings in the nation’s history.
TPL REIT Management Co. is seeking to raise 60% of the targeted funds from foreign investors, 30% from domestic investors and the rest from its parent TPL Properties Ltd., according to Ali Jameel, CEO of TPL Corp. The hybrid real estate investment trust plans to close the deal by June, and will offer an internal rate of return of more than 30% in local currency, he said.