Cairo – Mubasher: Dubai-based real estate development and hospitality group Five Holdings, previously known as SKAI Holdings, has launched an AED 2.1 billion ($570 million) real estate investment trust (REIT).
The fund will be the region’s first hospitality focused REIT, and will include Five Holdings’ $1.17 billion (AED 4.3 billion) Viceroy Dubai Palm Jumeirah project, as well as all future projects subject to compliance with regulatory requirements, according to a press release on Sunday.
The REIT is also expected to include an AED 1.28 billion ($349 million) Viceroy Dubai Jumeirah Village, which is now 40% complete and on track to be opened in the third quarter of 2018.
Previously known as SKAI Holdings, the company's new name was inspired by the concept of the five elements and reflects the group's ambition to develop its current portfolio of approximately $2 billion, revealed Five Holdings’ chairman and CEO Kabir Mulchandani.
He added that the REIT offers an attractive investment vehicle, distributing risks across a number of real estate projects under one portfolio.
Five Holdings’ REIT will operate under the supervision of the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA).
