Saudi mall operator Arabian Centres Company (ACC) has expanded its retail footprint with the opening of a new shopping centre in Riyadh that has a leasable area of more than five hectares, the company announced on Monday.
Called “The View”, the new property that officially opened on Sunday is the 23rd centre in the company’s portfolio. It has been built on a plot with an area of 107,100 square metres, which was earlier acquired by the company for 290 million Saudi riyals ($78.6 million).
The shopping centre is already home to more than 170 stores, including international and local brands in fashion, cosmetics, food and beverage, Arabian Centres said in a statement to the Saudi Stock Exchange (Tadawul).
The centre, which has a total gross leasable area (GLA) of 52,200 square metres, also features entertainment options, including a cineplex. Its occupancy rate so far has exceeded the 70 percent level.
“The financial impact of this centre will appear on the company’s financial statements starting from Q3-FY 2022 (ending on December 31, 2021),” the statement said.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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