Karachi, September 17, 2018 (PPI-OT): 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 was announced on August 18, 2017.
Current rating of AHDRML factors in the sponsor profile of Arif Habib and Dolmen Groups. AHDRML benefits from both their operational experience and financial support in developing and managing real estate projects. Research and investment functions of the company are considered adequate. As per management, governance framework of the company will be further strengthened with the introduction of revised corporate governance guidelines issued by the regulator. Impact of these developments will be tested over time.
AHDRML currently manages a single fund by the name of Dolmen City REIT (DCR). Management plans to launch new funds in the coming years; progress on the same will be monitored over time. In order to maintain the REIT property in desirable conditions, AHDRML had appointed Dolmen Real Estate Management (Private) Limited (DREM) as a property manager. Property management is monitored through quarterly performance reviews. Performance of DCR continues to remain in line with projections and will continue to drive topline growth for AHDRML.
For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk