London | ReNews International Desk News
German banking group Deutsche Bank has signed a 15 year lease for five floors at YY London in Canary Wharf, marking another major office letting in one of London’s most important financial districts.
The agreement has been reached with the owners of YY London, Oaktree Capital Management and Quadrant. The refurbished office building covers around 415,000 square feet and is located at 30 South Colonnade in the heart of Canary Wharf.
Market reports indicate that Deutsche Bank is taking around 250,000 square feet of office space at the building. The bank is expected to occupy five floors, making it one of the largest tenants at YY London.
The move forms part of a wider restructuring of Deutsche Bank’s London office operations. The bank currently occupies space at 10 Upper Bank Street in Canary Wharf, where its existing lease is due to expire in 2028. Teams working in infrastructure, technology and operations are expected to move to YY London as part of the transition.
Deutsche Bank’s main United Kingdom headquarters will remain at 21 Moorfields in the City of London, meaning the YY London lease will strengthen rather than replace its existing London presence.
YY London underwent a major refurbishment after Oaktree Capital Management and Quadrant acquired the property in 2019. The redevelopment was completed in 2023 and transformed the building into a modern office complex with terraces, rooftop space, smart building technology and a strong focus on sustainability.
Financial technology company Revolut is also a major occupier of YY London and has established its global headquarters in the building. The addition of Deutsche Bank significantly increases occupancy at the property and further strengthens its position as a major office destination in Canary Wharf.
The deal is also significant for the wider Canary Wharf office market, which has been working to attract major corporate tenants following changes in office demand and the departure or relocation of some large companies.
Deutsche Bank’s 15 year commitment indicates continued demand for modern, high quality office space in Canary Wharf and provides another sign of renewed confidence in the district’s commercial property market.

Karachi | ReNews Pakistan
International Steels Limited has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited for Rs 350 million.
According to material information submitted to the Pakistan Stock Exchange on August 20, ISL’s board recommended selling 4.845 million ordinary shares in CECL at Rs 72.24 per share.
The proposed transaction has a total value of Rs350 million.
The sale is not yet final and will require approval from International Steels’ shareholders at the company’s 19th Annual General Meeting, scheduled for October 5, 2026.
The transaction will also remain subject to all necessary regulatory approvals. ISL said the formal notice for the Annual General Meeting would be issued in due course.
Chinoy Engineering & Construction was established in 2024 as an associate venture of International Industries Limited, Pakistan Cables Limited and International Steels to pursue opportunities in the construction and engineering sectors.
CECL operates in areas including design, construction, demolition and infrastructure development.
International Steels is among Pakistan’s major flat steel manufacturers and produces cold rolled, galvanized and colour coated steel products for industrial and commercial use.

New York | ReNews International Desk News
Goldman Sachs is expanding its commercial real estate business with an agreement to acquire LCN Capital Partners in a deal worth up to $410 million.
LCN Capital Partners is a real estate investment firm specialising in sale leaseback and net lease properties, where companies sell their properties to investors and continue using them under long-term lease agreements.
The acquisition will give Goldman Sachs greater exposure to a segment of commercial real estate that is increasingly attracting institutional investors looking for long term rental income.
Under sale leaseback transactions, businesses can sell properties they own to raise capital while continuing to operate from the same locations as tenants.
Net lease properties also offer investors relatively predictable income because tenants typically take responsibility for several property related expenses in addition to rent.
The deal represents another step by Goldman Sachs to expand its real estate investment and asset management business beyond traditional banking activities.
LCN’s experience in acquiring and managing corporate properties could also help Goldman Sachs increase its access to large companies seeking to release capital tied up in real estate.
The transaction, valued at up to $410 million, highlights continued institutional interest in specialised commercial property investments despite broader uncertainty in parts of the global commercial real estate market.
The acquisition is expected to strengthen Goldman Sachs’ position in long term income producing real estate and expand its ability to offer property investment strategies to institutional clients.

Islamabad | ReNews Pakistan
The federal government is moving to overhaul and clarify Pakistan’s legal framework governing the use of Right of Way (RoW) by telecom companies, as authorities work on amendments aimed at facilitating the expansion of digital infrastructure while strengthening protections for private property owners.
The proposed changes are being considered as part of the Pakistan Telecommunication Reorganization Amendment Bill 2026, with Right of Way provisions emerging as one of the key areas requiring greater legal clarity.
Federal Minister for Law and Justice Senator Azam Nazeer Tarar has directed the Ministry of Information Technology and Telecommunication to address the legal and practical issues identified in the proposed legislation before submitting a revised framework for further consideration.
The matter was reviewed at a committee meeting chaired by the law minister and attended by Federal Minister for Information Technology and Telecommunication Shaza Fatima, along with senior officials of the relevant ministries.
A major focus of the discussions was the division of authority among federal, provincial and local governments when telecom companies seek access to land or property for installing infrastructure.
Telecommunication networks require access to land and other properties for infrastructure such as fibre-optic cables, ducts, poles, towers and related facilities. Uncertainty over permissions, jurisdiction and compensation can delay network expansion and create disputes between telecom operators, government agencies and property owners.
The government is therefore seeking a clearer framework defining how Right of Way should be granted and regulated across public property, common development areas and privately owned property.
The committee particularly examined the rights of private property owners and requirements for telecom operators to obtain written consent before installing infrastructure on privately owned premises.
Compensation associated with the use of property for telecom infrastructure was also discussed. The proposed framework is expected to provide greater clarity over the legal requirements telecom companies must meet when accessing property and the protections available to affected owners.
Tarar stressed that the regulatory framework should strike a balance between two important objectives: accelerating the expansion of Pakistan’s telecommunications and digital infrastructure while ensuring that private property rights are not compromised.
The government considers removal of ambiguity surrounding Right of Way particularly important as Pakistan expands broadband and fibre connectivity and prepares its regulatory environment for newer telecommunications technologies.
Another important element under consideration is the inclusion of new and emerging technologies within the country’s telecommunications regulatory framework. The committee discussed how such technologies could be accommodated through appropriate rules and regulations without requiring repeated major legislative changes as the sector evolves.
Responsibilities after telecom infrastructure has been installed are also expected to receive greater legal attention.
Officials discussed defining the respective obligations of telecom companies and property owners regarding the protection, maintenance and restoration of property affected by infrastructure installation. This could help address disputes arising when roads, buildings, land or other property are altered or damaged during telecom deployment.
Clear restoration requirements could become increasingly significant as fibre-optic and other digital networks expand into urban and residential areas where telecom infrastructure frequently intersects with roads, public spaces and privately owned property.
The proposed reforms also seek to address overlapping regulatory jurisdictions, an issue that can complicate infrastructure deployment when different federal, provincial or local authorities exercise control over particular properties or development areas.
A more clearly defined legal structure could provide telecom operators with greater certainty about which authority must grant permission while simultaneously giving property owners a clearer understanding of their rights, consent requirements and potential compensation.
The Ministry of Information Technology and Telecommunication has now been directed to revise and finalise the proposed legislation after addressing the legal and practical concerns identified during the review.
Once these issues have been incorporated, the proposed amendments will be presented to the committee again for further consideration before the legislative process moves to its next stage.
If approved, the changes could establish a more uniform Right of Way regime for Pakistan’s telecom sector, potentially reducing infrastructure deployment disputes while creating stronger safeguards for property owners as the country expands its digital connectivity.

Lahore | ReNews Pakistan
The Punjab government has initiated preparations for major changes to the laws governing the establishment of new industries and the expansion of existing industrial units in the province, with plans to introduce the Punjab Industries Control Amendment Ordinance 2026.
The draft ordinance has been forwarded to the Punjab cabinet for approval. Further legal proceedings are expected to follow once the cabinet gives its clearance.
The proposed amendments are primarily aimed at improving the approval process required for setting up new industries or expanding existing industrial units, while reducing unnecessary administrative and regulatory hurdles that may delay industrial projects and discourage fresh investment.
According to officials, changes are being proposed after reviewing the existing legal and administrative requirements governing industrial establishment and expansion. The objective is to make the approval system clearer, more transparent and more efficient.
Under the proposed legal framework, the government intends to make it easier for industrialists and investors to undertake business expansion while simultaneously strengthening regulatory oversight to ensure industrial activities remain compliant with applicable laws and regulations.
The provincial government believes that improvements in the approval process could help remove avoidable obstacles facing new industrial projects and make it easier for existing businesses to increase production capacity and expand their operations.
The proposed amendments are also being linked to the government’s broader efforts to improve Punjab’s investment climate. As one of Pakistan’s major industrial centres, Punjab considers the establishment of new industries and the expansion of existing units important for generating employment, increasing production and stimulating wider economic activity.
Officials said the proposed ordinance would also focus on enhancing transparency in industrial approvals and strengthening the role of relevant regulatory authorities, with the aim of balancing ease of doing business with effective enforcement of legal requirements.
The final provisions of the ordinance will become clearer after the Punjab cabinet reviews and approves the draft, determining the practical changes to the existing regulatory and approval framework for setting up new industries and expanding existing industrial units.

Karachi | ReNews Pakistan
Dolmen City REIT (DCR) has paid a final cash dividend of Rs0.66 per unit for the financial year ended June 30, 2026, adding another distribution for its unit holders.
The final dividend, equivalent to 6.6% of the face value, was electronically credited to eligible unit holders’ designated bank accounts on August 7, 2026.
With the latest payment, DCR’s cumulative cash distribution for FY2026 has reached Rs2.58 per unit, including interim dividends paid during the year.
The final dividend had earlier been approved by the Board of Directors of Arif Habib Dolmen REIT Management Limited on July 15, 2026.
DCR is a listed rental Real Estate Investment Trust and allows investors to participate in income generating commercial real estate assets, including Dolmen Mall Clifton and The Harbour Front in Karachi.
The latest distribution reflects the income based structure of the REIT model, under which rental income generated by underlying properties is distributed among unit holders in the form of dividends.
According to the company’s notice, dividend payments for unit holders without valid bank account details or required identification information were withheld in line with applicable regulatory requirements.

Islamabad | ReNews Pakistan
Pakistan’s rapidly expanding solar market is beginning to reshape the country’s traditional power sector business model as households and businesses increasingly reduce their dependence on electricity supplied through the national grid.
Official documents show that overall electricity demand has declined by 8.66 percent year on year, while several power distribution companies recorded significant reductions in electricity sales during the April June period.
The growing installation of rooftop solar systems by residential and commercial consumers has been identified as a major factor behind the decline.
The trend carries major financial implications for Pakistan’s electricity sector because power producers continue to receive fixed capacity payments under existing contractual arrangements even when less electricity is purchased from the grid.
As grid sales decline, these fixed generation costs have to be recovered from a smaller volume of electricity, potentially increasing the cost burden on consumers who remain dependent on the national power network.
The impact is visible in the performance of Islamabad Electric Supply Company (IESCO).
IESCO recorded a 10.77 percent year on year decline in electricity sales in April, followed by reductions of 3.55 percent in May and 6.29 percent in June.
The decline was even sharper among residential consumers. IESCO’s domestic electricity sales fell 19.69 percent in April, 7.92 percent in May and 5.72 percent in June compared with the corresponding months of the previous year.
Commercial consumers also reduced their reliance on grid electricity, with sales declining 6.85 percent in April, 3.80 percent in May and 1.85 percent in June.
Overall electricity demand within IESCO’s service area fell by as much as 16 percent year on year in April, followed by an 8 percent decline in May and a further 2 percent reduction in June.
The figures point to a structural change in Pakistan’s electricity market. Consumers capable of investing in solar systems are increasingly producing part of their own electricity, while the national grid continues to carry the financial obligations of large-scale power generation capacity.
For the power sector, the challenge is increasingly shifting from generating enough electricity to managing fixed generation costs as demand gradually moves away from the grid.

Lahore | ReNews Pakistan
Ghani Global Holdings Limited has taken a significant step towards placing its real estate assets under a structured Real Estate Investment Trust (REIT) framework after shareholders approved a proposed corporate restructuring scheme.
According to documents filed with the Pakistan Stock Exchange, shareholders approved the Scheme of Compromise, Arrangement and Reconstruction at an Extraordinary General Meeting held on August 8, 2026. The scheme involves Ghani Global Holdings Limited, G3 REIT Management Limited, G3 Properties (Private) Limited and G3 Homes LLP.
Under the proposed arrangement, designated real estate assets held by G3 Homes LLP are intended to be transferred and vested in G3 Properties (Private) Limited, which has been designated as a Special Purpose Vehicle for the proposed REIT structure.
G3 Homes LLP is established to acquire, hold, develop, construct, manage, sell, lease and operate residential, commercial, industrial and mixed use real estate assets. Ghani Global says the entity will act as the transferor of designated real estate assets under the restructuring scheme.
The group had already established G3 REIT Management Limited as part of its expansion into the real estate investment sector. The Securities and Exchange Commission of Pakistan approved the establishment of the REIT management company in April 2026.
The latest restructuring therefore moves Ghani Global further towards bringing its property assets under a regulated and institutional REIT based investment structure rather than holding them solely through conventional corporate real estate arrangements.
The shareholder vote, however, does not mean that the restructuring has been fully completed. The scheme remains subject to approval by the Lahore High Court and other competent authorities before it can be implemented.
Ghani Global’s restructuring is significant for Pakistan’s property market because it reflects a broader shift from directly held corporate real estate towards regulated REIT based ownership and investment structures, potentially widening institutional participation in the sector.