Modon signs long-term lease with Lulu Group in Riyadh City
The 25-year lease covers the rental of an area of 3,661m2 within Riyadh City’s Courtyard Mall for the operation of LuLu Hypermarket stores
Modon Properties, a development company mandated by the Abu Dhabi government, has signed a 25-year lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City.
The long-term lease covers the rental of an area of 3,661m2 within Riyadh City’s Courtyard Mall commercial complex for the operation of the LuLu Hypermarket chain of stores.
Modon said the agreement is the result of its ongoing cooperation with leading retailers as a part of its efforts to meet the needs of residents of Riyadh City and ensure the steady progress and on-schedule delivery of the Courtyard Mall.
Scheduled to open in the final quarter of 2020, The Courtyard Mall extends over an area of 8,683m2 within the North of Riyadh City. Upon its completion, the project is slated to include seven restaurants, 13 shops, and a supermarket.
Commenting on the lease agreement, Lulu Group chief executive officer Saifee Rupawala said: “We are proud to launch our first ever full-fledged hypermarket in Riyadh City. Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity.”