Express Tenders Closes 14 Dec 2026
Pakistan Stock Exchange EOI for Real Estate Redevelopment Through a REIT Scheme in Karachi
Tender advertisement published in Express on Thursday, 12 November 2026, listed under Karachi. The last date printed on the advertisement is Monday, 14 December 2026.
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Pakistan Stock Exchange Limited (PSX) invites Expressions of Interest (EOIs) from qualified consortia for the proposed structuring, design, financing, development and implementation of a commercial real estate redevelopment project involving PSX’s property at Stock Exchange Road, Karachi. The project will be undertaken under the Real Estate Investment Trust Regulations, 2022, to redevelop the site as a modern commercial complex.
PSX seeks to shortlist an experienced developer, together with any consortium it may form, to lead the structuring, design, financing, development and implementation of the project. Interested developers must demonstrate the requisite qualifications.
Property and Proposed Structure
| Item | Details |
|---|---|
| Land area | 5,480 square yards, owned by PSX. |
| Location | Stock Exchange Road, Karachi, fronting M.T. Khan Road. |
| Development potential | To be assessed and outlined at a preliminary level by the consortium, together with its understanding of the principal planning, statutory, commercial, financial, legal and technical considerations. Detailed development proposals will be required at the RFP stage. |
| Existing use | Exchange’s own operations and a number of existing sub-lessees in occupation. |
| Intended structure | A REIT scheme under which the land and buildings are proposed to be transferred or contributed to a REIT against the issuance of REIT units. |
Minimum Qualification Criteria
PSX may reject an EOI that does not demonstrate compliance with the following minimum requirements.
| No. | Area | Minimum Requirements |
|---|---|---|
| 1 | Legal status | The interested party must be a validly registered existing legal entity authorised to undertake real estate development or related activities. It must provide an authorised signatory and disclose material insolvency, debarment, blacklisting, litigation, regulatory proceedings, material defaults, and actual or potential conflicts of interest. |
| 2 | Development experience | The interested party must demonstrate relevant experience in developing or managing at least two comparable commercial, mixed-use, high-rise or urban redevelopment projects. Its role must have been that of a material developer, rather than solely a contractor, consultant or passive investor. |
| 3 | Fundraising and financing capability | The interested party must demonstrate relevant experience in raising, arranging or mobilising equity, debt, construction finance, project finance and/or capital-market funding for large-scale real estate, infrastructure or comparable projects. Credentials must state the project or transaction, amount, funding instrument, date, status and the interested party’s precise role. |
| 4 | Financial capacity | The interested party must provide audited financial statements for the latest three completed financial years and demonstrate adequate financial standing to lead a project of this nature. |
| 5 | Integrity and eligibility | The interested party must demonstrate institutional and management capacity to lead the project and appoint, coordinate and manage the REIT Management Company (RMC), architects, engineers, contractors, legal and financial advisers, financiers and other parties required for implementation. |
Specialist consultants and consortium members: The interested party may include or identify an architectural firm, legal adviser, financial adviser, contractor or other specialist. Their participation may support the EOI but will not substitute for the interested party’s obligations under the qualification conditions or satisfy the development, financing and financial-capacity criteria on its behalf. Submission of an EOI must clearly distinguish confirmed consortium members and advisers from prospective parties not yet committed to participate.
Consortium commitment: The EOI must include a signed consortium Memorandum of Understanding or Letter of Intent identifying members and their respective roles in the proposed project.
Changes in consortium: No material change in consortium membership or roles may be made after submission of the EOI without PSX’s prior written approval.
Multiple participation: A consortium member must not participate in more than one interested-party consortium without PSX’s prior written approval.
EOI Submission Requirements
| No. | Required Information or Document |
|---|---|
| 1 | Legal name, incorporation details, ownership, registered address, business activities and authorised representative or representatives of the interested party. |
| 2 | Details of other comparable projects already completed by the interested party, including project name, location, type, scale, value, commencement and completion dates, current status, the interested party’s precise role, and an independently verifiable reference. |
| 3 | Brief profiles of the personnel proposed to lead the development, financing and construction of the project, together with their relevant experience. |
| 4 | Audited financial statements of the interested party for the latest three completed financial years and any additional evidence of financial standing. |
| 5 | Where applicable, details of any confirmed or prospective architectural firm, legal adviser, financial adviser, contractor, RMC or other specialist, their proposed roles, and the status of their relationship with the interested party. |
| 6 | Disclosure of any material litigation initiated by or against the interested party in any Court of Law, together with copies of pleadings. These include, but are not limited to, plaints, petitions, written statements and para-wise comments, together with the details of any bank loan, regulatory proceedings, insolvency, debarment, blacklisting or material default also involving a consortium member. |
| 7 | A declaration on non-judicial stamp paper worth Rs. 200, signed by the authorised signatory and duly attested by an Oath Commissioner, confirming that the information in the EOI is complete, accurate in all respects and not misleading in any material respect, and that nothing has been concealed. |
Shortlisting and Evaluation Process
This pre-qualification exercise will identify and shortlist consortia possessing relevant developmental, financial and implementation capability. A limited number of qualified consortia will be shortlisted and issued detailed Terms of Reference and a Request for Proposals, against which formal proposals will be invited.
Proposals will be evaluated and placed before the Board of Directors. An appointment will be made only after the Board has considered them. Submission does not guarantee shortlisting, an invitation to propose, an appointment or any other details. PSX may amend or cancel the exercise, reject any EOI, or seek clarifications without assigning a reason.
How to Respond
| Item | Details |
|---|---|
| Submission deadline | December 14, 2026, by 5:00 PM PST. |
| Reference | PSX/REIT/EOI/2026. |
| Submission method | Submit one sealed envelope marked “EOI — PSX Towers REIT”, together with a searchable PDF copy by email. The email subject line must match the envelope marking. |
| Address | The Chief Financial Officer, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi – 74000. |
| Email and enquiries | info@psx.com.pk |
Published in Express on Thursday, 12 November 2026. DailyAds.pk indexes newspaper advertisements; the original notice and the issuing organisation remain the source for final terms and eligibility.
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