Bank of Punjab to invest Rs2 billion in TPL REIT Fund
LAHORE – A signing ceremony was held at BOP’s Karachi office to announce BOP’s investment commitment in TPL REIT Fund. Present on the occasion were Zafar Masud (President & CEO, BOP), Farid Ahmed Khan (Group Chief – Corporate & Investment Banking, BOP), Ali Jameel (Director, TPLREIT Management Company Ltd.) and Ali Asgher (CEO, TPL REIT Management Company Ltd.) along with other senior representatives of both organizations.
With a commitment of PKR 2 billion, BOP will be one of the largest local investors in the initial REIT fund size of PKR 18.75 billion. TPL REIT is the first and largest Shariah compliant Development Impact REIT Fund in Pakistan and its eventual size is envisaged at $500m. BOP has actively worked with TPL group on several real estate transactions which have culminated into this REIT structure.
BOP has been a prominent player in the real estate sector of the country over the past year and has played an active role in all facets of this segment like low cost housing, developer finance as well as housing finance under Kamyab Pakistan. This investment opportunity represents an attractive proposition to diversify bank’s real estate portfolio and is a testament to BOP’s continuing efforts towards promoting new eras of real estate development in the country. TPL REIT Management Company is a 100% owned subsidiary of TPL Properties and was incorporated to undertake REIT management services. The company is capitalizing on the real estate development and management expertise of its parent company, TPL Properties Limited and tapping into the gap in Pakistan’s real estate market by launching the first development impact REIT Fund.