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Abu Dhabi - Manazel Real Estate PJSC (”Manazel”), a leading UAE developer is pleased to announce that Capital Mall has added to its portfolio of anchor tenants, PAN Emirates Home Furnishings, a leading destination for indoor, patio and outdoor furniture in the GCC region. PAN Emirates comes with its legacy of 25 years of serving in the region with trusted quality products; it has emerged as a strong retail brand in the home furnishing and decor fraternity.
The new anchor store will open in Capital Mall, Abu Dhabi by December 2018. Driven by Manazel’s strategy to expand its retail assets, Pan Emirates’ new store will be spread across 4,350 sq mt, representing a 7% Gross Leasable Area (GLA) of Capital Mall’s retail space on the 1st floor.
Capital Mall with a total of 60,000 square meters of GLA, is on track to offer more than 200 retail, service and entertainment brands. Current operating stores include several well-known brands such as Lulu Hypermarket & Department Store, Action Zone for family entertainment, Etisalat, McDonald’s, Tasheel for government services, UAE Exchange, Malabar Gold & Diamonds, Il Forno, Dr. Nutrition, Papa Murphy’s Pizza, Subway, Popeye’s, Baskin Robbins, Second Cup, Bin Sina Pharmacy, to name a few.
Capital Mall leasing is progressing on target and will soon exceed 70%. Capital Mall is in advance discussions with other major anchor and retail tenants to improve the tenant mix and offering to the consumer. A new multiplex cinema, several indoor entertainment features for kids and adults, family value fashion shops as well as several new restaurants, home necessities and government services will all form part of the Capital Mall redevelopment.
Manazel’s CEO, Mr. Yaqoob Al Doseri, said:-
“We are delighted that PAN Emirates will be opening a new store in Capital Mall, which supports our ongoing strategy of developing long-term recurring revenue streams across our portfolio of assets. Capital Mall, which is a part of our retail arm, has so far been successful in this context, having attracted some of the top retail brands in the region which is what is required for us to ensure the necessary footfall. We are confident that more brands will set up operations at the mall, given the opportunity it presents to expands a business’ footprint in the country and access Abu Dhabi’s middle-income segment.”
Commenting on the announcement Mohammed Katawala, Group Finance Director, Pan Emirates Home Furnishings said:-
“We are delighted to be opening our latest store in Capital Mall, which is a prime location for our business and part of our ongoing business expansion strategy to add new outlets across the UAE. Capital Mall is apt for us for our store location as it will help us to serve the local market with our collection that mainly consists of Classic, Victorian, Rustic, Transitional styles. Our range is perfectly suitable to the taste and needs of the community surrounding the area. With our newest store, due to open pre- year end, PAN Emirates will now have 16 stores across the Middle East. The UAE market continues to be one of the most promising opportunities that the region presents and hence we align our strategy with policies that will reinforce our status as a leading furnishing brand in the country.”
Commenting on the announcement Phil McArthur, Managing Director of McARTHUR + COMPANY Said:-
“We are delighted with the announcement of PAN Emirates as a key anchor attraction to our Home Furnishing and Décor precinct. We are positive that PAN Emirates will help in attracting the families who are interested in adding distinguished touch in their homes. Also we find them a proud addition to our brand portfolio to attract from mass to class. We have received an excellent response to our redevelopment program from a number of local and regional retailers, service providers, and restaurateurs with potential 15,000 sq mt of leasing negotiations underway. We are currently in negotiation to bring a leading multiplex cinema operator and a number of new restaurants and cafes to the ground floor. In addition to this, we have created a family value fashion area of 4,000 m2 to compliment the customer flow from the Lulu Hypermarket. In addition to these new attractions, the team at McArthur is busy fielding interest from several new entertainment attractions including an indoor trampoline park, a virtual reality centre, as well as a state of the art bowling and billiards center.”
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About Manazel
Manazel Real Estate (MRE) is one of the UAE’s leading developers of quality homes for the country’s middle-income segment of the population. Manazel, with a paid-in-capital of AED 2.6 billion, is a Sharia complaint real estate Company listed on Abu Dhabi Securities Exchange (ADX) within the segment of Private Joint Stock Company. Through strategic investments spanning residential and commercial developments, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors.
For further information please visit our website www.manazel-re.com.
For further information please contact:
Enquiries:
Waleid Gamal Eldien
Chief Investment & Commercial Officer
Manazel Real Estate
Tel: +971 2 6444 466 Ext: 909
Email: investorrelations@manazel-re.ae
Media Contacts:
FTI Consulting
Tel: +971 4 437 2000
YasmineAbdelkhalek: Yasmine.Abdelkhalek@fticonsulting.com
Shane Dolan: Shane.dolan@fticonsulting.com
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