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Success for mall on Saudi sand



Dar Al Arkan Real Estate Development Co. (ALARKAN) is set to sell a US dollar sukuk, due 2019. 
This information comes from two people who have asked to remain anonymous as the information has not become public. The company’s May 2018 sukuk declined 107 basis points this year to 6.17%. JP Morgan showed rates on Middle East Islamic bonds to have fallen 50 basis points during the period to 4.14%.

Dar Al Arkan which is in the business of developing and selling land for others to erect buildings opened the biggest mall in Riyadh during 2012. It is reaping benefits as a 2011 plan to spend $130bn on social causes is set for implementation. Financial statements indicate that the company, which has a rating four levels under investment grade, owns in excess of $3.5bn of property, mostly in Jeddah and Riyadh.


The company issued $300m in 3-year notes in November, and $450m in 5-year notes a year ago. It repaid a $1bn sukuk in mid 2012. Its profits have declined steadily since 2009.

The company has outstanding debt of around $1.2bn. The company is asset rich and the land value is understated due to the historical price valuation.


More about shopping malls in the United Arab Emirates



DAY BEFORE YESTERDAY, France:
Les Ateliers Gaîté projects to be based in central Paris and La Part-Dieu in Lyon, France.
Nov 15, 2017, Serbia:
Ada Mall will be the first shopping mall of the newest generation in Belgrade, Serbia.
Nov 14, 2017, Russia:
The FORT Group is acquiring the entire retail portfolio in Moscow from IMMOFINANZ in a share deal.
Nov 13, 2017, United Kingdom:
Haribo has chosen London Designer Outlet (LDO) for its first outlet store in the UK.
Nov 9, 2017, USA:
The company begins $186 million redevelopment of the former Hylan Plaza shopping center.
Nov 8, 2017, USA:
A new feature lets customers visualize online products in their own living space.
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Designer Outlet Provence GLA:269 098 SF
ADDRESS: Mas de la Peronne, Miramas, France
France . Miramas
Designer Outlet Provence
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
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Central Children's Store GLA:370 192 SF
ADDRESS: Teatralnyi proezd, 5
Russia . Moscow region
Central Children's Store
Adigeo GLA:452 084 SF
ADDRESS: Verona city center
Italy . Verona
Adigeo


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