The Dubai-based hospitality company, Five Holding – formerly known as SKAI Holdings- has announced the launch of a real estate investment trust with the worth of 570 million dollars.
It is worth mentioning that this investment trust is considered the region’s largest and the first ever to focus on the hospitality sector.
The investment trust will be regulated by Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA).
The REIT will include the company’s Viceroy Palm Jumeirah Dubai which is now 40% complete and is scheduled for completion by 2018.
Kabir Mulchandani, chairman and CEO of Five Holdings, said that this step was taken to ensure that the company’s investors have more than one avenue to invest their money in.