Karachi, July 25, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Management Quality Rating of ‘AM2 (RMC)’ (AM-Two (RMC)) to Arif Habib Dolmen REIT Management Limited (AHDRML). Outlook on the assigned rating is Stable. The previous rating action regarding harmonization of rating was announced on May 04, 2016.
AHDRML’s rating draws comfort from REIT management company's (RMC) affiliation and corresponding operational and financial support from its sponsors, Arif Habib & Dolmen Groups. Rating also reflects research processes, the experience of key executives and profile of sponsors. Board features experienced professionals with real estate experience in addition to financial services.
During the ongoing year, governance framework has been strengthened with formulation of policies for key areas including investment in new REIT schemes and risk management policy etc. Moreover, investment and research process is adequate and involves defined due diligence. These would be tested going forward with greater volume of business.
AHDRML has currently only one REIT fund under management namely; Dolmen City REIT (DCR). The performance of DCR has exceeded projections. Launch of new REIT schemes by RMC is awaiting favorable taxation regime.
For further information on this rating announcement, please contact the undersigned (Ext: 241) or Mr. Javed Callea (Ext: 234) at 021-35311861-70 or fax to 021-35311873.
Mohammed Khalid Ali
Applicable Rating Criteria: Management Quality Rating of RMC (July 2015)
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