Dolmen City REIT

A Listed, Rated, Closed-end, Perpetual, Shariah-compliant, Rental REIT scheme


Dolmen City REIT is Pakistan’s first REIT scheme. It is a Closed-ended, Listed, Rated, Perpetual, Shariah-compliant, Rental REIT scheme which offers investors to become Unit holders of two component of the Dolmen City project, Dolmen Mall Clifton and The Harbor Front. The properties will generate rental income that will be distributed by the REIT Scheme among unit holders in the shape of dividends. Any possible appreciation in the value of the property will be an added benefit. Dolmen Mall Clifton has a total built-up area of approximately 1 million square feet spread over three levels. Anchored by Hyperstar and Debenhams, Dolmen Mall Clifton has a strong mix of local and international brands including Mango, Next, Nike, Nine West, Timberland and Charles & Keith. With 130 retail outlets, a multi-level department store, and a food court that accommodates 1,200 customers, Dolmen Mall Clifton is the largest shopping mall in Pakistan, currently operating over 90% occupancy rate. The Harbour Front is an office complex home to leading local and multinational corporations of the country. The complex offers prime office space across seventeen floors, spread over 270,000 square feet. The building is currently 100% occupied with the current tenant portfolio comprising of companies including Engro, Phillip Morris Mitsubishi and Procter & Gamble, among others.

Management Details


Central Depository Company of Pakistan

 Property Manager

Dolmen Real Estate Management (Private) Limited

 Property Valuer

Tristar International Consultant (Pvt.) Limited


Deloitte Yousuf Adil Chartered Accountants

 Legal Counsel

Mohsin Tayebaly and Co. Corporate Legal Consultants

 Shariah Advisor

Alhamd Shariah Advisory Services (Private) Limited

 Rating Agency

VIS Credit Rating Company Limited

Key Facts

 Fund Size

PKR 22,237 million


      Dolmen Mall Clifton

      The Harbor Front






 Leasable Area

      Dolmen Mall Clifton

      The Harbor Front



547,924 sq. ft.

256,724 sq. ft.

804,648 sq. ft.

 NAV (March 2021)

Rs. 24.14 per unit

 Dividend Yield

       Quarter Ended (Mar. 2021)

        Annualized (2021)




 Unit Price (Current on PSX)


 Market Capitalization





NTN: 4360482-0     |     Symbol: DCR     |     Listed on PSX


Property Documents

Property Map