Consultancy to provide retail and leasing management services for leisure and entertainment facility
mSquared Shopping Centres has been appointed to provide retail and leasing management services, for the $1.63bn leisure and entertainment hub, Doha Festival City.
The Qatar mega-complex, due for phase one completion in 2013 spans 433,847m2, with over 260,000m2 of gross leasable area accommodating entertainment and leisure facilities, supermarkets, retail units, cinemas, hotels and conference facilities.
“mSquared comes to Doha Festival City with strong credentials,” commented CEO of owner and developer BASREC, Kareem Shamma.
“The leasing consultancy is led by extremely capable management that has depth of knowledge and understanding of retail function and design, coupled with its vast network of established relationships in both the regional and international retail community. With this appointment mSquared will catalyse our leasing efforts in positioning the retail centre as Qatar’s premier shopping and entertainment destination, and complements the great progress we have already made, both in design and on site,” Shamma added.
Doha Festival City owner and developer BASREC (Bawabat Al-Shamal Real Estate Company WLL) is a joint venture company of four primary shareholders: Al-Futtaim Real Estate Services; Qatar Islamic Bank; Aqar Real Estate Investment Company; and an unnamed private company.
Al-Futtaim Group Real Estate will be responsible for the management of the leases and leasing for any Al-Futtaim Group companies, and the Entertainment Zone.
“We are extremely excited to accept this appointment and are resolutely confident that Doha Festival City will provide an unparalleled shopping experience; on par with the best projects that we have seen in the region and beyond. Designed with the consumer in mind, Doha Festival City will become the retail epicentre of Qatar,” said mSquared co-founder Rashid Doleh, who spent more than two years as CEO of Emaar Malls Group.
His business partner, Shahram Shamsaee spent 11 years as SVP of MAF Properties.