UPAC formalizes partnership deal with NREC to develop Abu Dhabi's Reem Mall
KUWAIT: United Projects for Aviation Services Company ( UPAC ), a leading commercial real estate and facilities management company, and National Real Estate Company (NREC), one of the leading MENA real estate developers, today announced the formalization of their partnership agreement to develop Reem Mall, which is set to become one of Abu Dhabi's most important and exciting retail destinations.
Under the agreement, UPAC , through its real estate subsidiary, Al Ar faj Real Estate Company, will invest up to $224 million over the next three years, marking a key milestone for the UAE retail mega project.
UPAC is a subsidiary of global logistics giant, Agility. The news follows the initial signing of heads of terms between the two companies in October 2014.
Nadia Akil, Chief Executive Officer of UPAC , said: " UPAC has a solid track record in real estate management within Kuwait. Our partnership with NREC and strategic investment in Reem Mall will not only strengthen our presence in the region, but will also help bring the project to completion as scheduled." Samuel Sidiqi, Chief Executive Officer, NREC, said: "This significant deal not only reflects NREC's ability to attract investment capital, but also our team's capabilities in structuring sophisticated deals that serve the Company's long-terms funding strategy for the project." Spread across 2 million sq ft, Reem Mall will feature approximately 450 stores, including 85 restaurants and a range of family-focused entertainment offerings. The construction of the $1 billion mall is set to commence this year and is expected to be completed by 2018.
