Souq Extra contracts Cavedish Maxwell to sell mixed-use development

Property consultant Cavendish Maxwell has been contracted by Souq Extra for the sale of its retail centre units in Dubai Silicon Oaisis.

Souq Extra is a UAE-based retail and mixed-use property developer.

In December, the property was acquired by a Nasdaq-listed investor for $57m (AED210m).

Andrew Love, the head of investment and commercial agency at Cavendish Maxwell, reportedly stated: “This disposal represents a turning point in the UAE real estate investment sector and demonstrates the continued demand for quality, income producing real estate assets."

“The acquisition by a real estate investment trust is testament to the quality of the asset, its diversified income stream and its location within an extremely strong catchment area,” Love said.

The project was launched in January 2017 by Souq Extra and phase one of the community retail centre has 3,345 m2 of gross leasable area comprising of 42 retail units that’s been let to clients in the ilk of Carrefour Market, KFC, McDonald's and Starbucks.

Love pointed out that as per the deal all rental income was guaranteed for two years.

Phase Two of the Souq Extra DSO development will be delivered by Q2 2019.