Tuesday 21 May 2019

Pan Emirates signs up as anchor tenant at UAE mall

ABU DHABI, June 3, 2018

UAE-based Manazel Real Estate said one of the leading indoor, patio and outdoor furniture groups in the GCC region, Pan Emirates Home Furnishings, has signed up as an anchor tenant at Capital Mall, its retail destination in Abu Dhabi.

Capital Mall, which boasts a total of 60,000 sq m of GLA (gross leasable area), offers more than 200 retail, service and entertainment brands including several top brands such as Lulu Hypermarket and Department Store, Action Zone for family entertainment, Etisalat, McDonald’s, UAE Exchange, Dr Nutrition, Subway, Popeye’s, Baskin Robbins and Bin Sina Pharmacy.

Pan Emirates, which comes with its legacy of 25 years of serving in the region with quality products, has presently emerged as a strong retail brand in the home furnishing and decor fraternity. The new anchor store will open in December.

Driven by Manazel’s strategy to expand its retail assets, Pan Emirates’ new store will be spread across 4,350 sq m, representing a 7 per cent GLA of Capital Mall’s retail space on the first floor, said the statement from the Emirati developer.

Leading global leasing and operations advisory company, McArthur + Company, has been signed up to lease and manage Capital Mall. The leasing is progressing on target and will soon exceed 70 per cent.

Manazel said 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 CEO Yaqoob Al Doseri said: "Capital Mall, which is a part of our retail arm, has so far been successful in attracting 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," he added.

Mohammed Katawala, the group's finance director, 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," stated Katawala.

"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," he added.

Phil McArthur, the 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," he noted.

"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 m of leasing negotiations underway," he added.-TradeArabia News Service

Tags: Manazel | tenant | Pan Emirates |

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