TPL REIT Management Company Limited (TPL RMC), a wholly owned subsidiary of TPL Properties Limited, after successfully achieving the first financial close of PKR18.35 billion in TPL REIT Fund I has entered into a strategic partnership with TASC Towers (TASC), company's filing on the bourse.
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 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.
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.