Dubai-based Five Holdings launched a real estate investment trust worth US$570 million, making it the region's first that will focus on hospitality, Arabian Business reported.
The REIT will include Five Holdings' stake in the US$1.17 billion Viceroy Dubai Palm Jumeirah property. In addition, about 60 investors have also made commitments to contribute their property to the trust.
The company may also add to the REIT its US$349 million Viceroy Dubai Jumeirah Village project, which is 40% complete and slated to open in the third quarter of 2018. The REIT will add on more projects as they are acquired, subject to adherence to regulatory requirements, according to the June 11 report.
Additionally, the trust will be regulated by the Abu Dhabi Global Market and Financial Services Regulatory Authority.