UAE – Mubasher: Global real estate firm CBRE has acted as hospitality valuation advisors to UAE-based FIVE Holdings on the launch of a $350 million green bond on Nasdaq Dubai, according to a press release.
CBRE provided a detailed breakdown of the operations for FIVE’s hospitality portfolio, including FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE LUXE cash flows. The global firm also outlined a comprehensive market study of relevance for each asset.
Being FIVE’s first appearance on the region's esteemed international financial exchange, the issued green bond features a coupon rate of 9.375%, with maturity set for 2028.
This move boosts Nasdaq Dubai’s total value of environmental social governance (ESG) classified bonds and sukuk listings, reaching $26.70 billion. It will also contribute to debt listed on the exchange amounting to $118.34 billion.
Kabir Mulchandani, Founder and Chairman of FIVE Holdings, commented: "FIVE understands that value creation for stakeholders is essential to sustainable development, which drives our commitment to outstanding [earnings before interest, taxes, depreciation, and amortisation ] 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 the environment, society, and robust corporate governance,” Mulchandani added.
Daniel McCulloch, Head of Valuation at CBRE Middle East, said: “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 has been operating in the Middle East across six countries for nearly 20 years, with more than 1,300 professionals and nine offices in the region.
