Five Holdings launches $570m hospitality focused REIT
Dubai-based real estate development and hospitality group Five Holdings, previously known as SKAI Holdings, has launched a $570 million REIT.
The region’s first hospitality focused REIT is to be regulated by the Abu Dhabi Global Market and Financial Services Regulatory Authority. It is
The REIT will include Five’s existing hotel developments, such as the recently completed Viceroy Dubai on the Palm and the Viceroy Dubai Jumeirah Village, which is now 40 per cent complete and on track to open in the third quarter of 2018. Additional projects will be added as they are announced or acquired, a statement said.
“Real estate is major contributor to the UAE economy,” said Kabir Mulchandani, chairman and CEO of Five Holdings, in a statement. “Owning units in a REIT instead of holding the title to a physical asset means investors will be able to buy and sell at a lower cost and with more flexibility. Investors will be able to monetise faster in a public offer by owning units within a REIT as opposed to a physical asset