November 15, 2022 (MLN): TPL REIT Management Company Limited (TPL RMC) and TASC Towers Holding (TASC) has submitted a firm bid for the acquisition of a Telecom Tower Infrastructure Company, the TPLP’s filings on the stock exchange showed on Tuesday.
Both companies own and manage around 10,500 operating towers in Pakistan through an Infra REIT.
“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”, the notification further read.
To note, 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.
Moreover, TPL Group (including companies TPL Corp, TPL Insurance and TPL Properties), has been attracting institutional and strategic investors to Pakistan and this transaction will 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 & arrangement services.
To recall, TPL RMC after achieving the first financial close of Rs18.35 Billion in TPL REIT Fund I, has entered into a strategic partnership with TASC Towers, together, both have participated as a consortium in an auction process for the acquisition of a Telecom Tower Infrastructure Company through an Infra REIT.
