Following a Phase-I review, the Competition Commission of Pakistan (CCP) has 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.
The 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 under 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 focused on real estate development and marketing, including commercial and mixed-use projects.
Under the approved scheme, designated assets and liabilities of ISE Towers REIT will be transferred to ISE Realty Company Limited, followed by a reorganization of shareholding through the issuance of shares to the existing shareholders of ISE Towers REIT. After the restructuring, ISE Towers REIT will operate 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 was specifically incorporated to implement the restructuring scheme and is not currently operational in the relevant market. The assessment confirmed that the transaction involves internal restructuring and asset transfer within related entities.
The Commission concluded that the proposed transaction is unlikely to create or strengthen a dominant position in the market, substantially lessen competition, or create barriers to entry. It also determined that the restructuring would not negatively affect market dynamics. Accordingly, the CCP has authorized the transaction.
This restructuring is aimed at facilitating the launch of a Real Estate Investment Trust (REIT) structure in Pakistan, which could enhance the formalization and development of the real estate sector by promoting institutional investment, improving transparency, and increasing efficiency in real estate management.
The CCP reaffirmed its commitment to supporting corporate restructuring and investment initiatives that promote economic growth while maintaining competitive market structures.
