Al Hamra sells Al Hamra Mall to Aldar Properties for $111.62 million
Sale of flagship retail asset reflects Al Hamra’s track record of creating high-value real estate assets in key locations of Ras Al Khaimah emirate
Al Hamra, the Ras Al Khaimah based real estate development and investment company in Ras Al Khaimah, has divested one of its flagship retail assets, the Al Hamra Mall to Aldar Properties, for a consideration of AED 410 million.
Al Hamra Mall is spread across G+1 floors and offers an area of 27,000sqm and caters to both residents and tourists, a statement said. The RAK developer said that the sale reflects Al Hamra’s track record of creating high-value real estate assets at key locations in the Emirate of Ras Al Khaimah, with the potential to attract inbound investments from reputed investors and developers.
Benoy Kurien, Group Chief Executive Officer, Al Hamra, said: “Led by the various drivers that boost the economic potential of Ras Khaimah, it is natural for external businesses to consider making investments into the emirate. As the creator of premier lifestyle experiences in the Northern and the leading developer of Ras Al Khaimah that has shaped the Emirate’s urban landscape, we welcome strategic investments that will further add value to the economy.
“Our assets stand out for their quality and location, the business resilience, especially proven following the pandemic, the growth and development opportunities that exist across the emirate, and a healthy appetite displayed by investors towards new offerings and enhancements. Aldar’s investment in the Emirate’s thriving retail industry will contribute to further enhancing the lifestyle, hospitality and retail experiences for the community, which will also add to the Emirate’s destination appeal.
“Aldar’s investment reiterates that Ras Al Khaimah offers an attractive business environment, and an open, transparent operating environment that enables the growth and development of all investors led by the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah. This will further position Ras Al Khaimah in the global spotlight and create even more investment opportunities in diverse sectors,” he added.
JSquare Capital served as transaction advisor to Al Hamra, and DWF Middle East was the legal advisor.
Al Hamra has a varied portfolio of iconic projects including the award-winning Al Hamra Village, Waldorf Astoria, Ras Al Khaimah, Ritz Carlton Ras Al Khaimah Al Hamra Beach, Al Hamra Village and Residence, Manar Mall, Al Hamra Marina & Yacht Club and muti-cuisine F&B outlets.
