The new owners of Pakistan International Airlines (PIA) could use a portfolio of high-value properties in Pakistan, the United States and France to help settle the liabilities of the PIA Holding Company, according to Privatisation Commission documents.

Following the sale of 11 properties, the Holding Company still owns 36 assets, including the landmark Roosevelt Hotel in New York and the Scribe Hotel in Paris. The remaining portfolio also includes sales offices, warehouses, a farmhouse, hundreds of acres of land, a housing colony, and other real estate across Pakistan.

The documents show that seven of the 36 properties were transferred to the PIA Holding Company through a gazette notification. These include an open plot in Islamabad, a sports complex and a football ground in Karachi.

According to the Privatisation Commission, these assets could be monetised or otherwise used to repay the Holding Company’s outstanding debt.

The documents further indicate that the government aims to complete the sale of the remaining 25% stake in PIA during the current fiscal year. The transaction is expected to generate Rs45 billion for the national exchequer.