The Competition Commission of Pakistan (CCP) approved the proposed restructuring and transfer of designated real estate assets of ISE Towers REIT Management Company Limited to its subsidiary, ISE Realty Company Limited.
CCP received a pre-merger application on January 23, 2026, jointly filed by ISE Towers REIT Management Company Limited and ISE Realty Company Limited.
The transaction is being carried out pursuant to a Scheme of Compromise, Arrangement, and Reconstruction dated November 17, 2025.
ISE Towers REIT Management Company Limited, formerly Islamabad Stock Exchange (Guarantee) Limited, is a licensed Non-banking Finance Company (NBFC). ISE Realty Company Limited, incorporated in October 2025, is a public limited company engaged in real estate development and marketing, including commercial and mixed-use projects.
Under the approved scheme, designated real estate assets and liabilities of ISE Towers REIT will be transferred to ISE Realty Company Limited, followed by a reorganisation of shareholding through the issuance of shares to the existing shareholders of ISE Towers REIT. Following the restructuring, ISE Towers REIT will function as a Special Purpose Vehicle (SPV) to facilitate the launch and management of a REIT Scheme.
The CCP’s review noted that ISE Realty Company Limited has been incorporated specifically to implement the restructuring scheme and is not currently operational in the relevant market. The assessment further determined that the transaction involves internal restructuring and transfer of assets within related entities.
CCP concluded that the proposed transaction is unlikely to create or strengthen a dominant position in the relevant market, substantially lessen competition, or create barriers to entry. The assessment also found that the transaction would not adversely affect market dynamics. Accordingly, the Commission has authorised the transaction.
The restructuring aims to facilitate the launch of a Real Estate Investment Trust (REIT) structure in Pakistan. Such initiatives can contribute to the formalisation and development of Pakistan’s real estate sector by promoting institutional investment, enhancing transparency, and improving efficiency in real estate management.
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