Dubai – Global real estate firm CBRE acted as hospitality valuation advisors to FIVE Holdings (FIVE) on the launch of a USD350 million Green Bond on Nasdaq Dubai, one of the region’s largest green bond issuance focused towards 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 $26.7bn, and contributes to a total value of debt listed on the exchange totalling $118.34bn.

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. With services, insights and data that span every dimension of the industry, we create solutions for clients of every size and in every sector. Our specialists provide a fully-integrated suite of services across the region, including facilities, transaction and project management; cost management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. 

*Including Turner & Townsend employees

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.