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Cavendish Maxwell in key Souq Extra unit sale deal

DUBAI, January 17, 2018

Property consultant Cavendish Maxwell said it was jointly mandated by Souq Extra, a UAE retail and mixed-use property developer, for the sale of its community retail centre located at Dubai Silicon Oasis (DSO).

The property was acquired by a Nasdaq-listed investor for Dh210 million ($57 million) last month, with Phase One closing at Dh84 million.

Andrew Love, the head of investment and commercial agency at Cavendish Maxwell, said: "This disposal represents a turning point in the UAE real estate investment sector and demonstrates the continued demand for quality, income producing real estate assets."

"The acquisition by a real estate investment trust is testament to the quality of the asset, its diversified income stream and its location within an extremely strong catchment area," noted Love.

Launched in January 2017 by Souq Extra, Phase One of the community retail centre has 36,000 sq ft of gross leasable area comprising 42 retail units fully let to blue-chip tenants including Carrefour Market, KFC, McDonald's and Starbucks.

Love pointed out that as per the deal all rental income was guaranteed for two years.

Phase Two of the Souq Extra DSO development comprises a 55,000-sq-ft expansion and will be delivered by the second quarter of 2019.

On the sale, Ben Ganley, the chief executive of Souq Extra, said: "Central to the ever-evolving Souq Extra culture, is a commitment to Winning Behaviors based on respect, performance and teamwork."

"We are delighted with the financial close achieved by our advisory, legal and internal teams, who collectively delivered a year-end transaction that builds on a successful 10-year track record for Souq Extra and its prominent individual and sovereign investors," he added.-TradeArabia News Service

Tags: Sale | Cavendish Maxwell |

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