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.