KARACHI: TPL Properties has signed a memorandum of understanding (MoU) with Equitativa, the largest Real Estate Investment Trust (REIT) manager in the GCC and manager of Emirates REIT, to form a REIT Management Company (RMC) in Pakistan, a statement said on Monday.
Together, Equitativa and TPL Properties will launch real estate investment trusts for the first time under a joint venture with foreign RMC in Pakistan, which are expected to fuel growth in the real estate investment in the country and provide an opportunity for institutional and retail investors to participate in this new asset class, it added.
The agreement marks the first foreign direct investment in this sector after the regulations have been amended. The fact that Equitativa is coming to Pakistan demonstrates that the regulations are enabling and attracting investment in this particular sector, it said.