Press Release

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

Karachi, August 18, 2017: 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 regarding harmonization of rating was announced on July 25, 2016.

Rating of AHDRML reflects operational and financial support from its shareholders, namely Arif Habib and Dolmen Groups. Rating draws comfort from profile of the property manager, and experience of key executives and sponsors in the real estate and financial services sectors.

The property management of Dolmen City REIT (DCR), being the only scheme under management, has been assigned to Dolmen Real Estate Management (Pvt.) Limited (DREM) in accordance with the requirements of REIT Regulations 2015. DREM has the requisite experience in operations and management of such real estate complexes. Investment monitoring of the fund under management also takes place through quarterly performance reviews presented by the property manager to AHDRML. This includes discussion on key performance indicators and other issues deemed relevant to administration of property. AHDRML has adequate research and investment decision making process to evaluate real estate for REIT schemes. This would be tested over time, as and when new funds are launched.

No new funds were launched during the year; however, performance of DCR in terms of net income (before fair value adjustment) has surpassed projections. This is attributable to higher occupancy levels and as well as growth in rent from parties whose lease expired during the year.

For further information on this rating announcement, please contact the undersigned (Ext: 306) at 021-35311861-70 or fax to 021-35311873.

Faryal 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, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2017 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited