Built to inform

Sign up for the daily newsletters

No, Thank you

Souq Extra contracts Cavendish Maxwell to sell mixed-use development

Property consultant Cavendish Maxwell has been contracted by Souq Extra for the sale of its retail centre units a Dubai Silicon Oaisis

Souq Extra has community retail projects located across the UAE.
Souq Extra has community retail projects located across the UAE.

Property consultant Cavendish Maxwell has been contracted by Souq Extra for the sale of its retail centre units in Dubai Silicon Oaisis.

Souq Extra is a UAE-based retail and mixed-use property developer.

In December, the property was acquired by a Nasdaq-listed investor for $57m (AED210m).

Andrew Love, the head of investment and commercial agency at Cavendish Maxwell, reportedly stated: “This disposal represents a turning point in the UAE real estate investment sector and demonstrates the continued demand for quality, income producing real estate assets."

“The acquisition by a real estate investment trust is testament to the quality of the asset, its diversified income stream and its location within an extremely strong catchment area,” Love said.

The project was launched in January 2017 by Souq Extra and phase one of the community retail centre has 3,345 m2 of gross leasable area comprising of 42 retail units that’s been let to clients in the ilk of Carrefour Market, KFC, McDonald's and Starbucks.

Love pointed out that as per the deal all rental income was guaranteed for two years.

Phase Two of the Souq Extra DSO development will be delivered by Q2 2019.

Most popular

Awards

Go for gold at the 15th Construction Week Awards in December 2019!
Winners will be crowned under 14 categories at a gala ceremony in Dubai – are

Conferences

Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power
Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy

Latest Issue

Construction Week - Issue 741
May 11, 2019