PHDL transfers Regent Plaza to SIUT Trust

KARACHI: In a significant transaction, Pakistan Hotels Developers Limited (PHDL) has officially transferred ownership of Regent Plaza, a prominent four-star hotel located in Karachi, to the Sindh Institute of Urology and Transplantation (SIUT) Trust.

According to a notice released to the Pakistan Stock Exchange (PSX) on Wednesday, SIUT Trust fulfilled the final 10 per cent payment of $5.2 million for the property on July 30, 2024. PHDL confirmed that with this payment, the title and possession of Regent Plaza were officially transferred to SIUT Trust.

The initial transfer of possession took place on July 1, 2024, after SIUT Trust had already made a substantial 90 per cent payment of $46.8 million.

The notice from PHDL stated, “We are pleased to inform you that in continuation of the sale agreement, SIUT Trust has completed the remaining payment, and the company has now transferred the property’s title in their favour.”

SIUT Trust, a leading healthcare organization in Pakistan, provides a wide range of medical services, including urology, nephrology, and transplant surgery, with a strong emphasis on research and education.

Last October, the Trust expressed its interest in acquiring Regent Plaza for Rs14.5 billion (approximately $52 million). In response, PHDL’s board of directors appointed two executives in November to finalize the sale.

This transfer marks a significant development for both PHDL and SIUT Trust, reflecting a successful completion of the sale process and signalling a new chapter for the hotel and the Trust’s expanding healthcare initiatives.