VIS Reaffirms Management Quality Rating for Shields REIT Management Company Limited

Karachi: VIS Credit Rating Company Limited has reaffirmed the REIT Management Company Management Quality Rating of Shields REIT Management Company Limited at ‘AM4+ (RMC)’. This rating indicates that the asset manager exhibits adequate management characteristics, with the outlook remaining stable. The previous rating action was announced on November 01, 2023.

According to VIS Credit Rating Company Limited, Shields REIT Management Company Limited was established in July 2022 as a Public Limited Company under the Companies Act, 2017. It received its license from the Securities and Exchange Commission of Pakistan in April 2023. The company operates as a subsidiary of Shields (Private) Limited, a real estate-focused company that is part of the Abdullah Dadabhoy Group of Companies, which maintains a 79.99% stake in the management company. The group holds a substantial land portfolio in Karachi and plans to launch three significant housing projects and introduce real estate investment trust funds through Shields REIT Management Company Limited.

The reaffirmed rating reflects the company’s status as a newly established entity with no recorded revenue to date and its ongoing initiatives to list three Development REIT funds. The rating is further supported by the sponsor group’s established profile and extensive experience in the real estate sector, as well as the effective implementation of a corporate governance framework and IT infrastructure that meets operational requirements.

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