AIRLINK 75.90 Increased By ▲ 1.90 (2.57%)
BOP 4.99 Decreased By ▼ -0.03 (-0.6%)
CNERGY 4.46 Increased By ▲ 0.04 (0.9%)
DFML 39.68 Increased By ▲ 0.48 (1.22%)
DGKC 86.56 Increased By ▲ 0.47 (0.55%)
FCCL 21.59 Decreased By ▼ -0.06 (-0.28%)
FFBL 34.25 Increased By ▲ 0.24 (0.71%)
FFL 9.83 Decreased By ▼ -0.09 (-0.91%)
GGL 10.80 Increased By ▲ 0.24 (2.27%)
HBL 113.47 Decreased By ▼ -0.42 (-0.37%)
HUBC 136.37 Increased By ▲ 0.53 (0.39%)
HUMNL 12.72 Increased By ▲ 0.82 (6.89%)
KEL 4.77 Decreased By ▼ -0.07 (-1.45%)
KOSM 4.51 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.21 Decreased By ▼ -0.06 (-0.16%)
OGDC 136.70 Increased By ▲ 1.85 (1.37%)
PAEL 26.44 Increased By ▲ 0.09 (0.34%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.76 Increased By ▲ 0.08 (1.2%)
PPL 122.60 Decreased By ▼ -0.40 (-0.33%)
PRL 27.15 Increased By ▲ 0.46 (1.72%)
PTC 14.27 Decreased By ▼ -0.06 (-0.42%)
SEARL 58.01 Decreased By ▼ -1.11 (-1.88%)
SNGP 67.84 Decreased By ▼ -1.66 (-2.39%)
SSGC 10.29 Decreased By ▼ -0.04 (-0.39%)
TELE 8.45 Decreased By ▼ -0.05 (-0.59%)
TPLP 11.24 Increased By ▲ 0.01 (0.09%)
TRG 63.99 Decreased By ▼ -0.86 (-1.33%)
UNITY 26.52 Increased By ▲ 0.27 (1.03%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,870 Increased By 19.2 (0.24%)
BR30 25,356 Increased By 19.4 (0.08%)
KSE100 75,418 Increased By 210.8 (0.28%)
KSE30 24,224 Increased By 80.9 (0.33%)

TPL REIT Management Company Ltd (RMC), a wholly-owned subsidiary of TPL Properties Limited, has entered into a strategic partnership with TASC Towers, a UAE-based mobile telecom tower operator, for the acquisition of a telecom tower infrastructure company, according to a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday.

“Together, TPL RMC and TASC have participated as a consortium in an auction process for the acquisition of a telecom tower infrastructure company through an infra REIT subject to receipt of all relevant approvals and consents from the regulatory authorities,” read the notice.

"The acquisition is being supported by one of the largest financial institutions, which has been mandated to provide Debt Structuring Advisory & Arrangement services, while there are ongoing discussions with several international institutions to raise equity for the equity component required for consummation of this transaction.

"Further, the parties will be exploring the opportunity to acquire more Telecom Tower assets in the near future," the notice added.

Pakistan to see its first set of developmental REITs

TPL REIT is the first and largest Shariah-compliant Development Impact REIT Fund in Pakistan and its eventual size is envisaged at Rs80 billion, which will be raised from local and international investors.

Earlier in March, TPL RMC successfully secured its first funding round of Rs18.35 billion for its TPL REIT Fund I.

The company aims to capitalise on the real estate development and management expertise of its parent company, TPL Properties Limited, and tap into the gap in Pakistan’s real estate market.

TASC, headquartered in the UAE, is a leading global operator of mobile telecom towers and has deployed and is managing over 14,000 towers in multiple geographies, according to information on the PSX notice.

Comments

Comments are closed.