Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, today announced has recently won two shopping mall management instructions in Egypt. The company was appointed to assist with the set-up and on-going management of The District, an open air mall, and Emerald Empire Mall, an open air Food and beverage zone with a Lulu Hypermarket.
Commenting on the new engagements, Ayman Sami, Head of Egypt Office at Jones Lang LaSalle, said, “Jones Lang LaSalle’s intent is to bring in a world class management approach to Cairo on The District and Emerald Empire Mall. We are very glad to have built a trusted relationship with the owners of both of these very impressive projects in a very short time frame.”
“Jones Lang LaSalle has regional experience in managing more than 200 shopping centres and we are very pleased to see the political and security situation as well as investor confidence improving in this important market. We remain very sensitive to the local culture and habits in each and every one of the countries or cities we are appointed. Importantly, our approach uses a mix of local and international expertise to bring the best of both worlds combined and provide the perfect fit whatever our clients’ needs are,” he added.
The District is strategically located in Heliopolis on the outer perimeter of the Cairo Airport land. Upon completion, it will have more than 70,000 sq m GLA. The first phase with approximately 15,000 sq m GLA is due to open in March this year. The project is anchored by a Wadi Degla sporting club which is already operational and the first phase will include a wide variety of Food and Beverage outlets and a children’s entertainment zone.
Emerald Empire Mall is located in New Cairo and has started operating during the end of 2013. The mall has more than 30 Food and Beverage outlets which are operational and are expecting to add at least another 12 outlets soon in addition to several banks, a gym, services and the hypermarket, which is due to operate in the summer of 2014. Earlier this week, Jones Lang LaSalle released its Q4 2013 Real Estate Market Overview of Cairo that assesses the latest trends in the office, residential, retail and hotel sectors of the market in Egypt’s largest city.
These trends included:
•Office: Although current projects are still experiencing construction delays, multinational companies are resuming their search for office space
•Residential: 3,200 units were completed in the quarter, and average sales price have remained stable for apartments and villas with rental prices decreasing
•Retail: With 190,000 sq m of additional retail space, supply during Q4 had the largest increase since 2011 and average quoting rents for prime line stores in regional and super regional malls in Greater Cairo have decreased
•Hotel: One hotel was introduced during Q4 and an additional 28 hotels are under construction; while continued security scares resulted in a decline in tourist arrivals in 2013, the Ministry of Tourism expects the market to turn around in 2014
For more information:
Ayman Sami / Bansrelal Goshichand
Jones Lang LaSalle
Tel: +2225777836 / +97144266999
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