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Five completes $322m deal for Ibiza hotel business

By Gavin Gibbon
DJs and people dancing in the nightclub Pacha Five Holdings has completed the purchase of the hotel and nightclub businesses of Ibiza’s Pacha Group Creative Commons/Danny Wade/Pacha
Five Holdings has completed the purchase of the hotel and nightclub businesses of Ibiza’s Pacha Group
  • Aquisition confirmed on LSE
  • Includes Pacha Nightclub, Destino Pacha Hotel
  • Funded by a five-year green bond

Five Holdings, the UAE real estate and hospitality group, has completed the purchase of the hotel and nightclub businesses of Ibiza’s Pacha Group in a deal worth $322 million.

The acquisition was confirmed in a note on the London Stock Exchange (LSE). It includes the Pacha Nightclub, Destino Pacha Hotel, El Hotel Pacha, Toy Room Club and WooMoon Storytellers (globally) as well as registered trademarks.

Funding for the acquisition came from the issuance of a green bond and a revolving credit facility.

Five raised $350 million from the five-year green bond, which was listed on Dubai’s Nasdaq in September and was priced at a yield of 9.625 percent.

A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects.

The statement added that Five Holdings is “promising a new era of exciting ventures in the entertainment industry”.

Five’s hotels include Five Palm Jumeirah, Five Jumeirah Village, Five Luxe and its first international property, Five Zurich.

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