Dubai, UAE - FIVE Holdings (BVI) Limited, the real estate development and hospitality group, has repaid its AED1.1bn (US$300m) syndicated finance package 13 months ahead of schedule, the firm today announced.

The international syndicate for the dual Islamic and conventional financing was used to support the construction of its FIVE Palm Jumeirah and FIVE Jumeirah Village Dubai projects. FIVE Palm Jumeirah opened its doors in March 2017 while FIVE Jumeirah Village Dubai will open in Q4 2018.

“The ability of FIVE Holdings to complete the FIVE Palm Jumeirah Dubai ahead of schedule and to repay its financing ahead of maturity is a testament to the efficient, hands-on management of FIVE Holdings team. We are pleased to have supported this success story by arranging and leading the Islamic tranche of this syndicate” said Eric Stoclet, Acting Head of Global Wholesale Banking at ADIB. 

“FIVE Holdings’ ability to repay our syndicated finance package early is a result of our strong cash flows and growing confidence in our flagship property, FIVE Palm Jumeirah Dubai,” said Kabir Mulchandani, Group Chairman and CEO, FIVE Holdings LLC.

The syndicated financing was backed by seven financial institutions, including Abu Dhabi Islamic Bank, a leading financial institution in the MENA region; and three of the world’s largest banks; Industrial and Commercial Bank of China, the world’s largest lender by assets and market capitalisation; Agricultural Bank of China; and Bank of China. China Minsheng Banking Corp, China’s largest privately-owned bank; Invest Bank and Arab African International Bank also backed the transaction.

FIVE Holdings in June announced the launch of its new hospitality brand, FIVE Hospitality LLC. The hospitality arm operates FIVE Palm Jumeirah Dubai as well three future hotels and residences, worth a total value of AED7.2bn (US$2bn). 

-Ends- 

About FIVE Holdings
FIVE Holdings, a Dubai-based real estate group, offers a wide range of services across four key verticals – development, hospitality, restructuring and investment – designed to leverage the different cycles of the real estate industry. FIVE Holdings’ $2bn real estate portfolio includes the FIVE Dubai Palm Jumeirah; Villa Myra, Villa Pera and Cappadocia in Jumeirah Village Circle; Bahar 4 in Jumeirah Beach Residence; and SKAI Residency. The firm is currently building the FIVE Jumeirah Village Dubai, which is set to open in 2018, and manages a $570m REIT, which is regulated by the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA).

© Press Release 2017