Pakistan's TPL REIT Management Company Ltd (RMC) along with TASC Towers, a UAE-based mobile telecom tower operator, have submitted a firm bid for the acquisition of Telecom Tower Infrastructure Company, which owns and manages around 10,500 operating towers in Pakistan through an infrastructure real estate investment trust (REIT).

TPL RMC, a wholly-owned subsidiary of TPL Properties Limited, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

Back in September, TPL RMC had entered into a strategic partnership with TASC Towers for the acquisition of a telecom tower infrastructure company.

The notice sent to the bourse read that the consortium is a partnership “with a vision to strengthen Pakistan’s digital infrastructure and support the rapidly growing digital economy”.

“TPL Group (including PSX listed companies TPL Corp, TPL Insurance and TPL Properties), has been attracting institutional and strategic investors to Pakistan and this transaction will result in significant foreign direct investment,” read the notice.

The company said that the proposed acquisition is being supported by one of the largest national financial institutions, which is providing debt structuring advisory and arrangement services.

TPL REIT is the first and largest Shariah-compliant Development Impact REIT Fund in Pakistan and its eventual size is envisaged at Rs80 billion, which will be raised from local and international investors.

Earlier in March, TPL RMC successfully secured its first funding round of Rs18.35 billion for its TPL REIT Fund I.

The company aims to capitalise on the real estate development and management expertise of its parent company, TPL Properties Limited, and tap into the gap in Pakistan’s real estate market.

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.