Press Release
VIS Reaffirms RMC Management Quality Rating of Shields REIT Management Company Limited
Karachi, March 19, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the REIT Management Company (RMC) Management Quality Rating (MQR) of Shields REIT Management Company Limited (‘SRMCL’ or the ‘RMC’) at ‘AM4+ (RMC)’ (AM Four Plus (RMC)). The RMC MQR of ‘AM4+ (RMC)’ indicates that the asset manager exhibits adequate management characteristics. Outlook on the assigned ratings remains ‘Stable.’ Previous rating action was announced on December 05, 2024.
SRMCL was established in July 2022 as a Public Limited Company under the Companies Act, 2017, and received its license from the Securities and Exchange Commission of Pakistan (SECP) in April 2023. SRMCL functions as a subsidiary of Shields (Private) Limited (SPL), a real estate-focused company affiliated with the Abdullah Dadabhoy Group of Companies, which holds an 83.33% stake in the RMC. The Group, which owns a significant land portfolio in Karachi, intends to launch two major housing projects and introduce REIT funds through SRMCL. The primary objective of SRMCL is to establish REIT schemes and provide REIT management services in line with the Real Estate Investment Trust Regulations, 2022.
The assigned rating reflects the RMC’s affiliation with the Dadabhoy Group, which provides strategic support through its established presence in real estate development and access to a sizable land portfolio. Governance structures are evolving, supported by a diversified board and recently established board committees. The rating also considers the Company’s defined investment framework, formalized policies aligned with regulatory requirements, and plans to establish and manage multiple developmental REIT schemes. Several projects are in advanced planning or early development stages, with regulatory approvals obtained and initial construction progress in certain cases. However, the Company has yet to operationalize its REIT schemes and therefore lacks a demonstrated track record in fund management and asset performance. Financial risk remains limited given the modest scale of operations, low leverage profile, and adequate capitalization, though earnings generation is currently constrained pending the launch of planned funds.
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 Rating
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