Pakistan transferred 11 domestic and overseas properties worth a combined 12.9 billion rupees ($46.4 million) as part of last month's privatization of Pakistan International Airlines Corp. Ltd. (PIACL), according to a briefing document presented Tuesday to the Senate Standing Committee on Privatization.
What properties were transferred in PIA's privatization?
PIA's privatization transferred 11 properties, including domestic sales offices and overseas real estate, to the new owners along with management control of the airline. The largest was a Peshawar sales office valued at 5.06 billion rupees, while overseas holdings made up nearly one-fifth of the total value.
Which domestic properties were included?
The document, prepared by the Ministry of Privatization and presented by the Privatization Commission, said the largest asset was PIA's sales office on The Mall in Peshawar, valued at 5.06 billion rupees. Other major domestic properties included the booking office on Mall Road in Rawalpindi's Saddar area, valued at 2.32 billion rupees, the sales office on Jinnah Avenue in Islamabad's Blue Area, valued at 2.35 billion rupees, and the Quetta sales office on Shahra Hali, valued at 837.4 million rupees.
Property valuations are based on 2025 market assessments, and Nukta converted the overseas values into Pakistani rupees using current exchange rates.
Which overseas properties were included?
The overseas portfolio included a residential property in Scarsdale, New York, valued at $1.685 million, equivalent to about 468.6 million rupees. Commercial and residential properties in Amsterdam were valued at a combined 1.1 billion rupees, while a flat in Mumbai's Cuffe Parade was valued at about 327.8 million rupees and office floors in New Delhi's Narain Manzil at about 355.2 million rupees. A property in Tashkent's Shaykhontohur district was valued at approximately 92.1 million rupees.
The exchange rates used were 278.11 rupees to the U.S. dollar, 318.09 rupees to the euro, 2.9135 rupees to the Indian rupee and 0.0230 rupees to the Uzbekistani som, based on rates prevailing during the week of the committee briefing.
When did the PIA privatization deal close?
The document said the first closing of PIA's privatization was completed on June 29, when the purchasing consortium assumed management control after paying the government 10 billion rupees in sale proceeds and injecting 80 billion rupees in fresh equity for fleet expansion, route modernization and operational improvements.
A second closing is scheduled within 12 months. Under the agreement, the consortium will invest another 45 billion rupees and has notified the government of its intent to acquire the remaining 25% stake in PIA during the same period for an additional 45 billion rupees.
What properties were excluded from the sale?
The briefing said Plot No. 57 in Islamabad's Blue Area, valued at about 12 billion rupees, was removed from PIACL before the sale and was not included in the transaction. A separate schedule listed assets remaining under the state-owned PIA Holding Company Ltd., including warehouses, sales offices, staff housing and land parcels across Pakistan.
The company also retains ownership of three hotels excluded from the privatization: the Avant Hotel in Karachi, the Roosevelt Hotel in Manhattan, New York, and the Scribe Hotel in Paris. Seven additional properties not recorded on PIACL's books, including PIA Planetarium sites in Karachi, Lahore and Peshawar, were transferred to PIA Holding Company through an official gazette notification issued on March 4, 2026.
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