Press Release
VIS Upgrades RMC Management Quality Rating of Arif Habib Dolmen REIT Management Limited
Karachi, March 02, 2026: VIS Credit Rating Company Limited (VIS) has upgraded the REIT Management Company (RMC) Management Quality Rating (MQR) of Arif Habib Dolmen REIT Management Limited (‘AHDRML’ or the ‘RMC’) from ‘AM2+ (RMC)’ (AM Two Plus (RMC)) to ‘AM2++ (RMC)’ (AM Two Plus Plus (RMC)). The RMC MQR of ‘AM2++ (RMC)’ indicates that the asset manager exhibits very good management characteristics. Outlook on the assigned ratings remains ‘Stable.’ Previous rating action was announced on January 10, 2025.
AHDRML is a joint venture between the Arif Habib and Dolmen Groups. The RMC’s primary business is to launch Real Estate Investment Trust (REIT) Schemes and provide REIT management services as per the Real Estate Investment Trust Regulations, 2022. After successfully launching its inaugural REIT scheme, Dolmen City REIT, in 2015, the RMC introduced Globe Residency REIT in 2022, marking its continued engagement in the REIT sector. Since then, AHDRML has further expanded its portfolio to oversee a total of 16 REIT schemes, of which 13 are registered with SECP, while trust deeds for 3 have been formed and are in process of registration with SECP.
The rating reflects AHDRML’s established position in Pakistan’s evolving REIT sector, supported by experienced sponsors and a growing portfolio of managed schemes. The Company benefits from affiliation with two established business groups with demonstrated expertise in financial services and real estate development, providing strategic oversight and operational support. Governance structures are considered adequate, with defined board oversight, independent representation, and formalized committee frameworks. Internal control and risk management practices are supported by documented policies, outsourced internal audit, and regulatory compliance mechanisms. The managed REIT portfolio is well diversified across rental and developmental assets, spanning multiple stages of execution. Steady progress in project launches, asset transfers, and tenant onboarding has supported a gradual strengthening of recurring management income. Moreover, improving visibility on additional fee streams from schemes nearing operational status is expected to further enhance revenue stability over the medium term. Consistently high occupancy levels, regular dividend payouts, and a broad pipeline of REIT schemes collectively reinforce the company’s competitive positioning. Financial performance has shown improvement, with recovery in profitability and moderation in earnings volatility. Moreover, projected growth in managed assets and associated income is expected to provide incremental support to profitability profile.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: REIT Management Company
https://docs.vis.com.pk/Methodologies-2025/REIT-MC-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf