The Sindh Institute of Urology and Transplantation (SIUT) Trust has taken physical possession of Regent Plaza, a four-star hotel in Karachi, from Pakistan Hotels Developers Limited (PHDL).
This acquisition follows SIUT Trust’s payment of 90% of the property’s sale value, amounting to $46.8 million, on July 1, 2024. PHDL announced the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
The notice stated, “We are pleased to inform you that following the sale agreement of the company’s property, necessary approvals from the designated authorities have been obtained, and the process of title transfer for Regent Plaza Hotel to SIUT Trust will be completed within the current month.”
According to the original sale agreement from November 15, 2023, and the third addendum dated July 1, 2024, SIUT Trust has paid 80% of the sale proceeds to PHDL on July 1, 2024, in addition to the 10% down payment made at the time of the sale agreement. The remaining 10% will be paid upon completion of the title transfer.
PHDL confirmed that physical possession was handed over to SIUT Trust after the 90% payment was made. However, SIUT Trust has permitted PHDL to continue operating the hotel until July 17, 2024. After this date, all hotel operations by PHDL will cease.
SIUT is a prominent healthcare institution in Pakistan, specializing in urology, nephrology, and transplant surgery, with a strong emphasis on research and education.
In October of the previous year, SIUT Trust expressed interest in purchasing Regent Plaza for Rs14.5 billion (approximately $52 million). Following this, PHDL’s board of directors in November assigned two executives to finalize the sale to SIUT Trust.
