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News Article

18 April 2013

Abu Dhabi Commercial Properties secures new lease with Carrefour for AD-1 Tower



Abu Dhabi, 18 April 2013: Abu Dhabi Commercial Properties “ADCP” announced today that it has successfully concluded a new lease with one of the region’s leading hypermarket chains, Carrefour UAE, which is a joint venture between Majid Al Futtaim and Carrefour France. The grocery chain will soon start to fit-out a new convenience grocery store under their “Carrefour Market” brand at the ADCP developed AD-1 Tower Project which is located in the heart of ADNEC’s new Capital Centre master development. The tenure of the lease is for 20 years.

Abdulla Khalifa Al Suwaidi, Managing Director of ADCP commented during Cityscape 2013: “We are delighted to welcome an international grocery chain to AD-1 Tower. Residents at AD-1 Tower will now not only enjoy modern living in the heart of Abu Dhabi but also convenience with the presence of a leading international store.

Noel Roberts, MRICS, Head of Asset Management at ADCP said, “The duration of the lease period agreed with MAF Carrefour surely must be seen by the market as a vote of confidence in both AD-1 Tower itself as a premium built tower and ADNEC’s Capital Center as a growing business and residential destination.”

Mr Younis Al Mulla, Senior Vice President – Retail Development said, “We are confident that the neighbourhood area and “AD 1 tower “ itself is the “good match “ with the commercial concept of Carrefour Market . This partnership with ADCB will allow us to provide residents of AD1 Tower with a convenient, value-for-money daily or weekly shopping destination right within the community’s retail nerve centre. Residents will now be able to shop a little closer to home, and enjoy exceptional choice, quality and service. Persons working in this business area will be happy to find fresh and competitive solution for snacking, and obviously to make their daily- weekly shopping before coming back home

Carrefour Market is looking to differentiate itself from other supermarkets in the region by focusing on quality and freshness, proposing an adapted choice to his customers, and all of this at affordable prices. Produce in-store at the Carrefour Market in AD 1 will centre on fresh, high-quality food products with bread baked in-store, butchers and daily deliveries straight to the supermarket shelves.

AD-1 Tower, situated in the heart of Abu Dhabi's Capital District, AD One Tower houses an exclusive collection of chic Soho-style lofts; one, two and three bedroom apartments; and elegant duplex penthouses, offering residents a stylish, cosmopolitan home in tasteful surroundings there is also 5,000 square meters of retail and commercial space.

Established in 2007, Abu Dhabi Commercial Properties manage in excess of 55 Million square feet of lettable accommodation within the UAE and are one of the MENA region’s largest property services companies. ADCP manages a mixed portfolio of property spread across the Emirates. ADCP provides a bespoke professional real estate services to a wide range of private, government and corporate clients.

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