Real estate investment and advisory firm Jones Lang LaSalle (JLL) has recently won two shopping mall management instructions in Egypt. The company was appointed to assist with the set-up and on-going management of The District, an open air mall, and Emerald Empire Mall, an open air food and beverage (F&B) zone with a Lulu hypermarket.
“JLL’s intent is to bring in a world-class management approach to Cairo on The District and Emerald Empire Mall. We are very glad to have built a trusted relationship with the owners of both of these very impressive projects in a very short time frame,” says Ayman Sami, head of Egypt office at JLL.
“JLL has regional experience in managing more than 200 shopping centres and we are very pleased to see the political and security situation as well as investor confidence improving in this important market. We remain very sensitive to the local culture and habits in each and every one of the countries or cities we are appointed. Importantly, our approach uses a mix of local and international expertise to bring the best of both worlds combined and provide the perfect fit whatever our clients’ needs are,” he adds.
The District is strategically located in Heliopolis on the outer perimeter of the Cairo Airport land. Upon completion, it will have more than 753,000 sqft GLA. The first phase with approximately 161,400 sqft GLA is due to open in March this year. The project is anchored by a Wadi Degla sporting club, which is already operational and the first phase will include a wide variety of F&B outlets and a children’s entertainment zone.
Emerald Empire Mall is located in New Cairo and has started operating during the end of 2013. The mall has more than 30 F&B outlets, which are operational and are expecting to add at least another 12 outlets soon in addition to several banks, a gym, services and the hypermarket, due to operate in the summer of 2014.