Global real estate firm CBRE acted as valuation advisors to FIVE Holdings (FIVE) on the launch of a $350 million Green Bond on Nasdaq Dubai, one of the region’s largest green bond issuance focused on hospitality and sustainability.

 

CBRE provided insight and detailed breakdown of the operations for FIVE’s hospitality portfolio, including FIVE Palm Jumeirah, FIVE Jumeirah Village and FIVE LUXE cash flows, as well as supporting with a comprehensive market study of relevance for each asset.

 

FIVE is a prominent luxury hospitality and development company based in Dubai. The issued Green Bond, featuring a coupon rate of 9.375% and with maturity set for 2028, marks FIVE’s first appearance on the region's esteemed international financial exchange. The listing of FIVE Holdings Green Bond enhances Nasdaq Dubai’s total value of ESG classified bonds and sukuk listings, reaching $26.7 billion, and contributes to a total value of debt listed on the exchange totalling $118.34 billion.

 

Unprecedented year

Kabir Mulchandani, Founder and Chairman of FIVE Holdings, says: "We delivered an unprecedented year of success in 2022, driven by the acceleration of our growth strategies which achieved a robust EBITDA margin (42%) and secured world-class sustainability milestones (‘A’ rating for ESG by ISS). 

 

“FIVE understands that value creation for stakeholders is essential to sustainable development, which drives our commitment to outstanding EBITDA figures and environmental responsiveness. This forms the bedrock of FIVE’s ‘Sustainable Indulgence,' a legacy of financial strength married with our strategic focus on environment, society and robust corporate governance.”

 

Daniel McCulloch, Head of Valuation at CBRE Middle East, comments: “We are delighted to have supported FIVE Holdings on its listing of the largest hospitality-based green bond in the region. This demonstrates the appetite of local and international investors for exposure to sustainable products secured against established hospitality cash flows and their underlying assets.” 

 

CBRE is the world’s largest commercial real estate services and investment firm and has been serving clients in the Middle East for nearly twenty years. The company has over 1,300 professionals in the Middle East operating out of 9 offices in 6 countries in the region.--TradeArabia News Service