TPL Corp. is aiming to increase $500 million in additional capital, according to a report

Bloomberg reports that TPL Corp plans to increase $500 million in funds through a property investment (REIT). Ali Jameel, the CEO of TPL REIT Management Co., said Bloomberg News that 60 percent of the firm's planned financing would come from foreign sources, while 30 percent would come from local investors. The remaining 10% will be funded by its parent business TPL Properties Ltd.

This is now the largest real estate investment trust (REIT) in the country.

Jameel also noted that the financing would fund a residential skyscraper, an innovative technology park, and a seaside residential complex in Karachi.

In the next three years, the corporation anticipates the REIT to be listed domestically and globally and sets a return in local currency at 30 percent.

Pakistan's building industry has had a boost recently, reflected in the country's announcement of a third REIT in 2016.

Jameel described the escalating building activity that follows an increase in available funding for both developers and buyers. He predicted that the demand for real estate would skyrocket over the next two years and said that investors could capitalize on Pakistan's burgeoning real estate market.

Jameel noted that the money would be put towards a residential skyscraper, a technological park, and a residential neighborhood along the waterfront in Karachi.

A rate of return of 30 percent in local currency is expected to be set by the corporation, which plans to market the REIT both domestically and abroad within three years.

This is the third real estate investment trust established in Pakistan in the year and suggests that the country's building industry is picking up.

"The building activity is rapidly rising due to access to funding for both the builder and the buyer," Jameel explains, adding that "the offer will allow investors the chance to leverage the booming property of Pakistan," which is predicted to increase tremendously over the next two years.".

SIDR (Silk Islamic Development REIT) was the first REIT to be established in Pakistan in six years, and it was launched earlier this year

In June 2021, the Pakistan Securities and Exchange Commission (SECP) launched a new public-private pilot program and revised real estate investment trust (REITs) laws to stimulate business. This has made it easier to enter the market and eliminated the regulatory red tape.