Deerfields Town Square, the Dh1 billion ($272 million) mixed-use project in Abu Dhabi developed by MBI, has signed a MoU with French retail giant Carrefour to set up a hypermarket within the development.

According to the 20-year lease deal, the Carrefour hypermarket will span 10,000 sq/m area at the Deerfields Town Square project. The retail giant has also assured it will not open another outlet within a five km radius of the mixed use development during the lease period.

“We are delighted to enter into this alliance with Carrefour to lease our first anchor outlet within the retail component of the project. We believe the deal will result in extraordinary commercial synergy, benefiting residents of the area near our development in Abu Dhabi,” said Banu Tas, general manager of Deerfields Town Square.

Abu Dhabi's retail spending is forecast to reach Dh7.19 billion by 2009, according to a recent report by Retail International. At the same time, per capital gross leasable area (GLA) is expected to shoot up to 5.35 square feet in Abu Dhabi, while the UAE's per capita GLA is expected to reach 4.38 square feet, ranking the country third highest among the GCC countries.

'The Carrefour agreement validates Abu Dhabi’s enormous retail potential as the emirate’s economy is set to remain on a sustained growth trajectory in the long term.'

'In addition, the deal bears testimony to the appeal of Deerfields Town Square project located at Al Bahia city in Abu Dhabi, especially its retail and entertainment components across a 2.6 million sq feet area,' she added.

Scheduled for completion in 2010, Deerfields Town Square will primarily comprise over 200 retailers from varied segments.

Globally renowned Colliers International is the retail consultant for the development that will primarily boast over 200 retailers from medium to upscale brands, anchor shops, retail chains, stand–alone retail carts, food courts, casual and fine dining restaurants and coffee shops, amounting to almost 80 per cent of the development.

Encompassing all dimensions of a world-class destination, the Deerfields Town Square will also comprise a one-of-its-kind bird conservatory, she added.-TradeArabia News Service