The Pakistan Credit Rating Agency Limited
23-Oct-24
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA withdraws REIT Fund Ratings of Zameen Five REIT
| Rating Type | REIT Fund Rating | |
|
Current (23-Oct-24 ) |
Previous (30-Nov-23 ) |
|
| Action | Withdraw | Preliminary |
| Long Term | - | RFR 2+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Zameen Five REIT (or the "Fund") was a developmental closed-end scheme intended for launch by Zameen REIT Management Company Limited. However, it was ultimately not launched due to amendments affecting the transfer of property to REITs in the recently passed Finance Act 2024. As a result, management has requested the withdrawal of the rating.
Consequently, PACRA withdraws REIT Fund Ratings of Zameen Five REIT with immediate effect.
About
the Entity
Zameen REIT Management Company Limited (the “Company”) was incorporated on 1st Mar 2023 as a public limited company under the Companies Act, 2017. The Company is a wholly owned subsidiary of Zameen Developments (Private) Limited. The board of directors of Zameen REIT Management Company Limited comprises of seven experienced professionals including the CEO, Mr. Adil Ahmed Kamal. There are two independent directors as well as two female directors on the board of the Company.