Analyst
Muhammad Umer Munir
umer.munir@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA maintains the rating of IMM REIT Management Company Limited
| Rating Type | REIT Manager Rating | |
|
Current (06-Nov-26 ) |
Previous (06-Nov-25 ) |
|
| Action | Maintain | Maintain |
| Long Term | RM 3 | RM 3 |
| Short Term | - | - |
| Outlook | Stable | Stable |
| Rating Watch | - | - |
The assigned rating for IMM REIT Management Company Limited (“RMC” or the “Company”) reflects the presence of an experienced management team and sponsors with diversified industrial experience. IMM RMC is owned by i) Mascon Private Limited, ii) Mr. Sheraz Jehangir Monnoo, and iii) Mr. Khizar Ayub Izhar. Mascon Pvt. Ltd. aims to make a mark in the Real Estate Sector, supported by Master Group’s vast experience across industries. Monnoo Group owns various Textile units, Agricultural Farms, and research units catering to various agricultural products. The Izhar Group of Industries, operating in the Real Estate, Construction, and Technology sectors, is a leading construction entity in Pakistan with a track record of executing numerous significant projects. The Board comprises six experienced professionals, led by Mr. Rumman Arshad Dar (CEO). The RMC’s first scheme, the “IMM Project One Development REIT Scheme,” has a fund size of PKR 7.0bln, which management reports as fully arranged, with financial close achieved. Contributions comprise Mr. Mazhar Salman Iqbal (50%) and Master Group, Mr. Sheraz Jehangir Monnoo, and Mr. Khizar Ayub Izhar (16.67% each). Units have been issued to the sponsor investors. Through “IMM Project One (Pvt) Ltd” (the Special Purpose Vehicle, SPV), the scheme is developing Dream Gardens Phase-II, a master-planned community near Bosan Road, Multan, sold on instalment-based plans. The project envisions 819 acres across two phases (444 acres in Phase I). Of this, 141 acres have received approval, while a revised master plan for 276 acres is expected to be submitted to the Multan Development Authority around November 2026; approval timing remains tentativ. Groundbreaking took place in March 2026; earthwork is near completion and the on-site marketing office is operational. Customers pay through quarterly instalments over four to four-and-a-half years, with a shorter revised plan expected. The dedicated SPV structure enhances transparency and delineates responsibilities. Among other pipeline projects, Imperium Hospitality (PKR 1.9bln), a high-rise building project, has submitted its Information Memorandum and completed valuation and key documentation, but awaits approval before funds can be received, the RMC expects to earn a management fee of approximately 1% upon registration of REIT scheme with SECP. For the data centre project (PKR 4.9bln), land payments of ~PKR 700mln have been made with the balance payable over seven years, while the construction procurement are in process, and groundbreaking is tentatively planned for November 2026, subject to approvals. These updates remain management-reported and subject to final documentation. The RMC maintained a sound equity base of PKR 52.5mln as of June’26, providing a reasonable financial cushion to support its ongoing operations and future business expansion.
The assigned rating reflects RMC’s current stage of development, with a structured but evolving approach to project selection and risk management. Future performance will depend on the timely execution of planned projects.
About
the Entity
IMM REIT Management Company Limited (“IMM RMC” or the “Company”) was incorporated on 09-May-2022 as a public limited company under the Companies Act, 2017. The RMC was licensed on 13 July 2022 by SECP to carry out REIT Management Services as an NBFC. IMM RMC is primarily owned by the Master Group through its subsidiary, Mascon Private Limited. The remaining shareholding is held equally by Mr. Sheraz Jehangir Monnoo and Mr. Khizar Ayub Izhar. The Board of IMM RMC comprises six experienced professionals including Mr. Rumman Arshad (CEO).