TPL REIT Management Company Limited (TPL RMC) as well as UAE-based mobile telecom operator TASC Towers have made an infrastructure real estate investment trust bid for a Telecom Tower Infrastructure Company – owner and manager of 10,500 operating towers in Pakistan.
One of the largest national financial institutions, according to a stock filing, is assisting the proposed acquisition by offering debt structuring consulting and arrangement services.
According to the stock filing, the Consortium is a synergistic alliance between TPL RMC and TASC with an aim to develop Pakistan’s digital infrastructure and support the fast-rising digital economy.
It is mentioned that TPL RMC, a wholly owned subsidiary of TPL Properties, is the pioneer and operator of Pakistan’s largest mixed-use real estate asset class REIT.
TPL Group has been recruiting institutional and strategic investors to Pakistan, and this acquisition will result in considerable foreign direct investment. One of the leading national financial institutions, which provides debt structuring advising and arrangement services, is supporting the proposed acquisition.
Moreover, TPL RMC wants to fill a need in Pakistan’s real estate market by leveraging its parent business, TPL Properties Limited’s real estate development, and management capabilities.
TASC is a global leader in mobile telecom tower operations, with over 14,000 towers placed and managed across numerous regions.
Last week, Veon Ltd, a Dutch-based telecommunications network operator said that it was in advanced talks to sell its tower assets in Pakistan.
Kaan Terzioglu, Group Chief Executive Officer of Veon, stated in an interview that the selling process is nearing completion. In Pakistan, the business has 10,000 to 12,000 towers.
Terzioglu estimates that the worth of one tower is between $60,000 and $80,000, depending on interest rates. This means that the company’s tower assets in Pakistan are worth anything between $600 million and $960 million.
Veon began as VimpelCom in Moscow in 1992. It has now developed into a Dutch-domiciled telecommunications behemoth with over 217 million customers spread over nine countries.