KARACHI: TPL REIT Management Company Limited (TPL RMC) and TASC Towers Holding (TASC) have submitted a bid to acquire Telecom Tower Infrastructure Company owning and managing around 10,500 operating towers in Pakistan through an Infra REIT.
TPL RMC and TASC formed a consortium and made the announcement to the Pakistan Stock Exchange on Tuesday.
The company secretary of TPL Properties in a piece of material information sent to the PSX said, “This is subject to receipt of all approvals and consents
from the regulatory authorities.”
The consortium is a
synergistic partnership between TPL RMC and
TASC with a vision to strengthen Pakistan’s digital infrastructure and support the rapidly growing digital economy.
TPL RMC is the pioneer of, and operator of the largest mixed-use real estate asset class REIT in Pakistan and is a wholly owned
subsidiary of TPL Properties, the announcement
said.
He said that TPL Group (including PSX-listed companies TPL Corp, TPL Insurance and TPL Properties), has been attracting institutional and strategic investors to Pakistan and this transaction would result in significant foreign direct investment.
“The proposed acquisition is being supported by one of the largest national financial institutions, which is providing debt structuring advisory and arrangement services,” he said.
The company in an
announcement on September 20 said that TPL Properties Limited, after successfully achieving the first financial close of Rs18.35 billion in TPL REIT Fund I, has entered into a strategic partnership with TASC Towers.
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.
Together, TPL RMC and TASC 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.
The acquisition is being supported by one of the largest financial institutions, which has been mandated to provide debt structuring advisory and arrangement services, while there are ongoing discussions with several international institutions to raise equity for the equity component required for the consummation of this transaction.
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