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JLL carries out transactions worth USD 1.1 bln

Shahudha Mohamed
26 May 2019, MVT 22:56
The Baa Haa Grill in Finolhu Maldives. Finolhu Maldives was recently sold over to German company Seaside Hotels and Resorts for USD 90 million with JLL acting as the broker. PHOTO/FINOLHU MALDIVES
Shahudha Mohamed
26 May 2019, MVT 22:56

Real-estate company JLL's Hotels and Hospitality Group revealed that the amount of transactions they carried out in Maldives currently stands at USD 1.1 billion out of which USD 450 million was achieved in the year 2019.

Although most investors in the Maldivian resort scene were comprised of Asian countries in the past, JLL reports that this dynamic is shifting to include investors from all over the world. The company disclosed that USD 300 million was earned in new investments within the past six months alone.

The company has acted as a broker in selling a total of 15 resorts since the year 2012. JLL's Managing Director of Investment Sales Nihat Ercan stated that investors out of Asia are developing an interest in Maldives with the changes taking over the tourism industry.

Two major transactions took place this year with JLL acting as the middle-man, including the sale of Finolhu Maldives and Conrad Maldives Rangali Island Resort. Finolhu was sold to German company Seaside Hotels and Resorts for USD 90 million, while Rangali was sold to US investment firm Blackstone for an undisclosed price.

The real-estate company's income for the year 2018 rose over USD 16.3 billion in the year 2018. With over 91,000 employees, JLL operates in 80 countries all over the globe.

The number of tourists visiting Maldives saw an increase of 15 percent within the first quarter of 2019. The most number of tourists visit Maldives from European countries. Moreover, those visiting from India and America also increased within this time period.

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