TPL REIT Management Company Limited, a wholly-owned subsidiary of TPL Properties Limited, has entered into a strategic partnership with UAE-based TASC Towers for the acquisition of a Telecom Tower Infrastructure Company through an Infrastructure Real Estate Investment Trust (REIT).
According to the stock filing to the Pakistan Stock Exchange (PSX), 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 consent from the regulatory authorities.
TASC is a leading global operator of mobile telecom towers and has deployed and is managing over 14,000 towers in multiple geographies.
The acquisition is being supported by one of the largest financial institutions which have 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 the consummation of this transaction.
Further, the parties will be exploring the opportunity to acquire more Telecom Tower assets in the near future.
TPL REIT Management Company Limited, a wholly owned subsidiary of TPL Properties Limited, successfully achieved the first financial close of Rs. 18.35 Billion in TPL REIT Fund I, the filing said.