URC subsidiary completes full acquisition of Abdali Mall in Jordan
KUWAIT: United Real Estate Company K.S.C.P (URC), one of the leading real estate developers in the MENA region, has announced a full acquisition of Abdali Mall by 100 percent ownership under its regional subsidiary, United Real Estate Company - Jordan. The Abdali Mall full acquisition transaction included a transfer of ownership with all associated obligations before the official Jordanian authorities to become a (100 percent) full ownership by United Real Estate Company - Jordan.
The acquisition deal included an exchange of assets between United Real Estate Company - Jordan and Abdali Investment and Development Company, in which United Real Estate Company - Jordan has swapped its (40 percent) stake in Abdali Boulevard Company against full acquisition of Abdali Mall.
Commenting on this announcement, Ahmad Kasem, URC’s Acting Chief Executive Officer said: “The Abdali Mall full acquisition deal is amongst URC’s planned strategies in leveraging our MENA region investment portfolio towards a diversified sustainable growth, enhancement of operational profit and higher return on investment for our shareholders.”
Augostino Sfeir, Chief Investment Officer, added: “The Abdali Mall acquisition is part of URC’s strategy in balancing its sources of income and structuring a diversified portfolio of businesses and assets towards increased profitability measures in line with the economic and investment environment in the targeted countries.”
Opened to the public in 2016, Abdali Mall is a fully integrated shopping mall spanning over 227,000 square meters in Amman, Jordan. The development includes a total leasable area of over 55,000 square meters and embraces a new design of merged indoor and outdoor retail spaces to provide a complete integrated retail experience through its diverse tenant mix of international brands, dining and entertainment options, advanced cinema complex and a unique openair food court. Abdali Mall also includes innovative sustainability design features such as water and energy conservation, natural lighting, sustainable air-conditioning systems and an intelligent parking system.
Abdali Mall was recognized for its excellence by the Cityscape Global 2016, winning ‘Best Retail Project’ for Emerging Markets in the Retail Project (Built) category.