Press Release

JCR-VIS Reaffirms Management Quality Rating of Arif Habib Dolmen REIT Management Limited

Karachi, September 17, 2018: 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 further information on this rating announcement, please contact Mr. Atiq Anwar Mahmudi (Ext: 208) at 021-35311861-70 or fax to 021-35311873.

Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria: Management Quality Rating of RMC (July 2015)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited JCR-VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2018 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited