Press Release
VIS Reaffirms RMC Management Quality Rating of Sinolink REIT Management Company Limited
Karachi, May 12, 2026: VIS Credit Rating Company Limited (VIS) reaffirms initial Management Quality Rating (MQR) to Sinolink REIT Management Company Limited (‘SRMCL’ or the ‘RMC’) of ‘AM3 (RMC)’ (AM Three (REIT Management Company). The MQR of ‘AM3 (RMC)’ indicates that the asset manager exhibits good management characteristics. Outlook on the assigned rating is ‘Stable.’
Sinolink REIT Management Company Limited was incorporated in Pakistan on December 10, 2021, as unlisted public company. The RMC received a three-year license from the SECP on February 7, 2022 which was renewed till February 7, 2028, as a Non-Banking Finance Company (NBFC) under the Non-Banking Finance Companies Rules, 2003. The license allows the RMC to launch Real Estate Investment Trusts (REITs) under the REIT Regulations, 2022. The registered office of the RMC is located at A/33, Central Commercial Area, Block 7/8, Main Sharah-e-Faisal, KCHSU, Karachi. The principal activities of the RMC include forming, launching, and managing REITs. The RMC has launched the Image REIT Scheme approved by the Securities and Exchange Commission of Pakistan (SECP) and listed on the Pakistan Stock Exchange (PSX) on October 6, 2025.
The assigned management quality rating of Sinolink REIT Management Company Limited (SRMCL or RMC) reflects a sound financial profile and improving revenue visibility against a developing business franchise and ongoing governance enhancements. The RMC manages Image REIT fund, a Shariah-compliant hybrid scheme holding primarily group’s real estate assets. The rental component has generated increasing cash flow since mid-2023 with full occupancy, while the developmental project has secured funding through issue of new units. Following the REIT’s IPO, SRMCL commenced recognizing management fee income in the first half of fiscal 2026, reducing reliance on related-party financing returns that remain outstanding. The Company maintains a debt-free capital structure, robust liquidity, and an adequate equity base for its current scale. These strengths are moderated by a limited operating track record, single-scheme concentration, and small absolute equity size. The fee income stream is still nascent, and governance structures are evolving; the planned increase in board members to seven is expected to strengthen oversight. Going forward, implementation of the same will remain important.