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Karachi, Shields REIT Management Company Limited (SRMC) has been granted the initial Management Quality Rating (RMC) of ‘AM4+ (RMC)’ by VIS Credit Rating Company Limited. The rating indicates that SRMC has adequate management characteristics, and the outlook for this rating remains stable.
According to VIS Credit Rating Company Limited, SRMC was established in July 2022 and later procured its license from SECP in April 2023. Functioning as a subsidiary of Shields (Pvt) Ltd (SPL), which is a significant affiliate of the Abdullah Dadabhoy Group, SRMC benefits from its association with SPL’s vast land portfolio in Karachi. This group is currently preparing to unveil two large-scale housing projects and to introduce REIT funds via SRMC. The ownership structure of SPL is mainly consolidated under four members from the Dadabhoy family. The management has signaled that SPL is considering integrating its real estate holdings, along with those of its affiliated group entities, into a singular REIT structure.
This rating underlines the strong background and depth of experience of the sponsor group in the realm of real estate, further enriched by its considerable financial support. While SRMC is a recent establishment and presently does not manage any REIT funds, its corporate governance is being actively set into place, and its IT infrastructure is suitable for its current operational scale. SRMC has announced its intentions to introduce a formal Risk Management Policy in the near future. Additionally, SRMC has entrusted its research responsibilities to a notable third-party service provider. As SRMC continues to evolve in terms of its organizational structure, investment methodologies, and proficiency in handling REIT funds, VIS will keep a close watch on its performance trajectory.
The post VIS Awards ‘AM4+’ Management Quality Rating to Shields REIT Management Company Limited with Stable Outlook appeared first on Pakistan Business News.