The acquisition of a Telecom Tower Infrastructure Company through an Infrastructure Real Estate Investment Trust has been agreed upon by TPL REIT Management Company Limited, a wholly-owned subsidiary of TPL Properties Limited, and UAE-based TASC Towers (REIT).
TPL RMC and TASC, as a consortium, took part in an auction process for the purchase of a Telecom Tower Infrastructure Company through an Infra REIT, according to the stock filing to the Pakistan Stock Exchange (PSX), subject to receipt of all necessary approvals and consent from the regulatory authorities.Over 14,000 towers have been installed and are being managed by TASC, a top global operator of mobile communication towers, across many different geographies.
While there are active discussions with several global bodies to raise equity for the equity component needed for the completion of this transaction, the acquisition is supported by one of the largest financial institutions that has been contracted to provide Debt Structuring Advisory & Arrangement services.
In the near future, the parties will also investigate the possibility of acquiring more Telecom Tower assets. According to the filing, TPL REIT Management Company Limited, a completely owned subsidiary of TPL Properties Limited, successfully completed the first financial close for REIT Fund I, amounting to Rs. 18.35 billion.