Pakistan Hotels Developers Limited (PHDL) has transferred the title and possession of Regent Plaza, a four-star hotel in the country’s financial hub, to the Sindh Institute of Urology and Transplantation (SIUT) Trust.
The development comes after SIUT Trust made the remaining 10% payment of sale value of the property, which amounts to $5.2 million, on July 30, 2024 (Tuesday), informed PHDL in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to inform you that the in continuation of the sale agreement of the property of the company, the SIUT Trust had paid remaining 10% balance of sale proceed of the property to the company on 30th July 2024 and the company, on receiving of remaining balance, has transferred the title of the property in favour of SIUT Trust,” read the notice.
The possession of the property was already transferred to the SIUT Trust on July 01, 2024, after the Trust made 90% payment of sale value of the property, which amounts to $46.8 million.
“The company through this announcement is confirming that the entire payment of sale proceed of the property has been received by the company against which title and possession of the property has been transferred to SIUT Trust,” read the notice.
SIUT is one of the leading healthcare institutions in Pakistan, providing a range of services, including urology, nephrology, and transplant surgery, and has a strong focus on research and education.
Last year in October, the SIUT Trust expressed its interest to purchase Karachi’s Regent Plaza for Rs14.5 billion (nearly $52 million).
Following the announcement, PHDL’s board of directors in November nominated two executives to finalise the sale of Regent Plaza to SIUT Trust.
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