UAE University, Al Ain has appointed leading real estate consultancy Asteco as the exclusive leasing/management agent for its on-campus retail units.

As per the deal, Asteco will be property manager for 76 retail units, and exclusive letting agents for 35 of those units in the Al Ain region of Abu Dhabi, UAE.

With a total of 130,000 sq m of premium retail space, only 17 units are currently available for rent, with the university already home to a number of popular brands including Subway, Umart, Gloria Jeans and China Wall, said the statement from Asteco.  

“These value-for-money, quality fitted units are in a prime location, with a captive audience. It’s an ideal place to open a coffee shop, restaurant or convenience store, especially with over 15,000 students and faculty members, 50 per cent of whom live on campus,” remarked Tamer Ibrahim Chaaban, the associate director and general manager of Asteco at Al Ain.

According to him, the rental rates start from Dh1,500 ($408.2) per sq m inclusive of service charges and utilities, which compares favourably to the Al Ain retail market average of Dh2,225 ($605) per sq m for units in the city’s malls.

“Over the last three years, Al Ain’s retail sector has remained stable, and with growth in the residential market in 2014 both in terms of new supply and an increase in rental rates according to the latest Asteco statics, we expect the retail sector to maintain its position in 2015,” remarked Chaaban.

Asteco has been instrumental in the leasing of many high-profile developments in Al Ain including the Green Land Complex and the Emirates Complex. This deal will help expand the real estate consultancy's growing portfolio in the Abu Dhabi region.-TradeArabia News Service