Azadea inks lease deal with Jordan mall
Kuwait, December 9, 2012
Kuwait-based United Real Estate Company (URC) said its shopping mall in Jordan has signed an agreement with Azadea Group Holdings, a premiere fashion and lifestyle retail company, to lease 17 of its most renowned global brands.
A leading real estate developer headquartered in Kuwait, URC is the marketing consultant and leasing agent for the 227,000 sq m Abdali Mall project.
This marks Azadea as the second retail anchor tenant to sign with this Abdali Mall following the previous news announcing Cozmo as the anchor supermarket.
Abali said as per the deal, Azadea Group Holdings will set up 17 of its most renowned global brands on 10 per cent of the total leasable area in the mall.
Located within the Abdali mega development area—the new downtown of Amman, Abdali Mall is an iconic modern shopping mall that boasts unique open air features within an aesthetic design.
The mall spreads over five floors above ground that comprise 75,000 gross leasable space including a large number of retail shops, an entertainment center, eleven cinema screens, a food court, a casual dining plaza, a supermarket, department stores, in addition to five basement floors designed as a smart and conveniently accessible parking that accommodates for 2,400 cars.
Abdali Mall is expected to open its doors to shoppers by the second quarter of 2014.
Abdelmajid A. Kabariti, the URC chief executive officer (Jordan) said, “This project will provide thousands of work opportunities for Jordanians and will certainly alter the shopping and entertainment landscape in Jordan, the ongoing success of these projects is a clear indication of the size of the Kuwaiti investment in the project."
"Having Azadea onboard will certainly add to the appeal of the mall and strengthen the strategic partnership that both companies share," he noted.
Abdali Mall will be featuring 17 of Azadea's most famous international brands that include Zara, Massimo Dutti, Pull & Bear, Bershka, Oysho, Promod, SGH, Paul, I am, Calzedonia, Argo Tea, Salsa Jeans, Gymboree, Intimissimi, Punt Roma, Tezenis and Pepe Jeans.
Commenting on the deal, Renimah Ali Al-Mattar, the executive VP at URC and Abdali Mall Company board member said, "We have carefully designed the tenant mix and leasing strategy for this development and Azadea’s brands will be instrumental in driving the appropriate target audience and footfall to Abdali Mall."
URC has a track record in marketing and leasing mixed-use and commercial projects including Marina Mall, Marina Crescent and Kipco Tower in Kuwait in addition to Salalah Gardens Mall in Oman.
Ali Badreddine, the country manager at Azadea Group Holding said, "We are delighted to be partnering with URC as this partnership will help develop our expansion through the opening of 17 new outlets at Abdali Mall in Amman, thus enhancing our positioning in Jordan."
"We are positive that this agreement will bring forth great results and continuous success," he added.-TradeArabia News Service