Expression of Interest for Redevelopment of PSX Real Estate Assets through a REIT Scheme in Karachi

Pakistan Stock Exchange Limited (PSX) invites expressions of interest from qualified consortia for the proposed structuring, design, financing, development and implementation of commercial real estate redevelopment at its property on Stock Exchange Road, Karachi. The project involves demolishing the existing Real Estate Investment Trust Regulations, 2022 structures and redeveloping the site as a modern commercial complex. PSX seeks an experienced developer, together with any consortium it forms, to lead the project.

The site comprises 5,408 square yards owned by PSX, fronting M.T. Khan Road. Development potential will be assessed and outlined at a preliminary level by the consortium, including principal planning, statutory, commercial, financial, legal and technical considerations. Detailed development proposals will be required at the RFP stage. Existing use consists of PSX exchange operations and subleases in occupation. Under the intended REIT scheme, the land and buildings are proposed to be transferred or contributed to a REIT against issuance of REIT units.

Interested parties must be validly registered legal entities authorised to undertake real estate development or related activities, with an authorised signatory. They must disclose relevant insolvency, debarment, blacklisting, litigation, regulatory proceedings and material defaults. Relevant experience must include developing or managing at least two comparable commercial, mixed-use, high-rise or urban redevelopment projects. Material development role and project size must be demonstrated, rather than participation solely as a contractor, consultant or passive investor.

Applicants must demonstrate experience raising, arranging or mobilising equity, debt, construction finance, project finance or capital-market funding for large-scale real estate, infrastructure or comparable projects. Credentials must identify project or transaction nature, amount, funding instrument, date, status and the applicant's precise role. Audited financial statements for the latest three completed financial years must demonstrate adequate financial standing. Applicants must also demonstrate institutional and management capacity to coordinate the REIT Management Company, architects, engineers, contractors, legal and financial advisers, financiers and other parties.

Specialist architectural, legal, financial and other advisers may support an EOI but cannot substitute for the interested party's own obligations. Consortium members, advisers, financing parties and equity providers must be identified. Include a signed consortium memorandum of understanding or letter of intent identifying members and their roles. Changes after submission require PSX's prior written approval. A member may not participate in multiple applicant consortia without prior written approval.

Submissions must include legal and incorporation details, ownership, registered address, business activities and authorised representatives; comparable completed projects with names, locations, types, scale, values, dates, status, precise roles and independently verifiable references; personnel profiles; financial statements and supporting financial evidence; proposed specialist participants and their status; and material litigation disclosures supported by pleadings, replies and court orders. Include a declaration on Rs. 200 non-judicial stamp paper, signed by the authorised signatory and duly attested by an Oath Commissioner, confirming completeness, accuracy and that no material information has been concealed.

Submit by 14 December 2026 at 5:30 PM PST, quoting PSX/REIT/EOI/2026. Deliver one sealed envelope marked “EOI – PSX Towers REIT” and a searchable PDF copy by email, with the same email subject. Address submissions to the Chief Financial Officer, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi 74000. Enquiries: info@psx.com.pk.

Qualified consortia will be shortlisted and issued detailed terms of reference and an RFP. Proposals will undergo Board evaluation. Submission does not guarantee shortlisting, an invitation, appointment or award; PSX may reject EOIs without assigning a reason.