A Bloomberg Article.

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.

The REIT is the third to be announced in the country this year — and fourth overall — as Prime Minister Imran Khan looks at the construction industry as a catalyst to boost economic growth. Under a government program, the South Asian nation is giving the country’s tax evaders a free pass to invest in construction projects and is also offering other incentives such as subsidies for low-cost houses, while banks have been asked to increase credit exposure to 5% of the loan portfolio for the industry.

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