By Staff writer
Developer raises $142m for upcoming 2.2 million square feet green mall project
Cityland Group has leased 30 percent of its retail space in its upcoming 2.2 million square feet mall project in Dubailand.
Cityland Mall, which will eventually have 350 stores built around six continent-themed pavilions when completed in 2018, has attracted interest from some of the region's largest retailers.
Hypermarket and supermarket chain Carrefour, operated by Majid Al Futtaim will open a 100,000 square foot hypermarket in Cityland Mall, while VOX Cinemas will also have a presence with a 10-screen complex providing a choice selection of F&B options and signature concepts.
Cityland Mall, the world’s first 'nature-inspired' shopping destination, will feature a 200,000-sq-ft open-air garden called Central Park, which will be the epicentre of the mall.
Cityland Group has raised $142 million in funding from a consortium of banks to help finance the flagship retail project.
A consortium of banks consisting of Emirates NBD as the lead bank and Burgan Bank from Kuwait provided the finance for the $330 million project.
Cityland Group said the loan will be used towards the ongoing construction costs of the mall.
"Securing this term loan from Emirates NBD and Burgan Bank is a significant development and signifies their confidence in the overall concept of Cityland Mall and the capabilities of the group," Fahimuddin Sharfuddin, CEO of Cityland Group said.
"With construction work well under way in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project and look forward to being on track to hit our project milestones in order to open our doors to the public in 2018."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.