KARACHI: TPL Properties Ltd said on Monday its REIT Fund 1, managed by TPL REIT Management Company, has achieved its first financial close, a securities filing showed.

The company reported the disbursement of the first tranche comprising 50 per cent of the maiden round of equity funding amounting to Rs5.62 billion from eight commercial banks. These banks are Habib Bank Ltd, Bank AL Habib, Bank Alfalah Ltd, Bank of Punjab Ltd, National Bank of Pakistan Ltd, Habib Metropolitan Bank Ltd, Soneri Bank Ltd and Askari Bank Ltd, TPL Properties CEO Ali Asgher told Dawn in an earlier interview.

Of the total initial fund size amounting to Rs18.35bn, TPL Properties is contributing Rs7.1bn of land value to the fund in the form of investment property called initial asset portfolio. The remaining amount of Rs11.25bn (fresh raise) is being raised through the eight banks that are “anchor investors”.

Bykea raises $10m to expand services

Motorcycle ride-sharing and last-mile delivery startup Bykea has raised $10 million from its existing investors, Bloomberg News reported on Monday.

The startup will use the funds to “extend its services” that include food/e-commerce deliveries and cash pick-up.

Published in Dawn, June 28th, 2022