Indebted Dubai developer Limitless has announced that it has leased a 9,000 sq ft space to Milestone, a high-end department store and cafe concept, in Jumeirah Village.
The store, which is due to open in May 2013, will cover two floors and have parking for 75 vehicles at Al Khail Plaza. It will be the first Milestone store to open in Dubai.
Milestone will also offer a laundry service, ATM services, deliveries to Jumeirah Village, online ordering services and a customer loyalty scheme. Fit-out is planned to begin in January, Limitless said in a statement.
Bahaa Abouhatab, Limitless head of UAE Projects, said: "Milestone will be a welcome addition to Jumeirah Village, providing high-quality produce and everyday conveniences to people living in and around the development."
Ashfaque Ahmed, chief operating officer of Milestone, added: "Al Khail Plaza was a natural choice for our first Milestone store. Jumeirah Village is an elite development in Dubai and we believe our unique cafe and department store concept is a perfect fit for this growing community."
In October, Limitless reached an agreement to restructure a $1.2bn loan with its creditors.
Limitless said it had honoured all profit payments on the loan since signing it in 2008 and will continue to make payments going forward. The Islamic facility was owed to a syndicate of banks and had originally been due to mature in March 2010.
The company has now also cleared obligations to 92 percent of its trade creditors, Limitless said, and signed settlement deals with the rest.