The First National Real Estate and Hospitality Fund Plc held its inaugural Annual General Meeting (AGM) on 30 September 2025, where shareholders received an overview of the 2024 financial year along with projections for the year ahead.
The Fund’s first project successfully raised MVR 18 million, securing a 30-year leasehold interest in a prime commercial property. Revenue from this investment has enabled quarterly dividend distributions to equity investors and interest payments to bondholders.
As a hybrid real estate investment vehicle, the Fund combines both equity and debt instruments, with its capital structure comprising 55 percent equity and 45 percent debt. The debt is issued as amortising bonds with a six-year tenor, offering a fixed quarterly interest rate of 12 percent per annum. On the equity side, the Fund has set an annual return target of 20 percent, distributed quarterly to investors.
So far, the Fund has disbursed MVR 1.37 million in combined returns to both equity and debt investors. At the AGM, CEO Hassan Ziyath presented a detailed review of the Fund’s performance, its governance framework, and the future outlook.
The Fund is managed by First National Finance Corporation and licensed by the Capital Market Development Authority (CMDA). Operating in line with regulatory standards, it seeks to deliver portfolio diversification and stable income through real estate investments, offering investors exposure to the Maldives’ growing property market.
