The Saudi Arabian mall operator intends to expand its current lifestyle offering with the launch of Boulevard U Walk.
Located in Medinah, Boulevard U Walk is expected to deliver around 57,000sq ft of gross leasable area. Arabian Centres has confirmed that it has secured a long-term lease for a vacant plot that the planned mall will be built on.
Owned by Madinah Regional Municipality, Arabian Centres will make an annual rent payment of 1 million Saudi Riyals for the use of the land for a 25 year period. The leasing for the land alone will cost around 26.6M riyals by the end of the lease term.
The firm commented: “This project comes in line with the company’s broad strategy, which aims to expand within the lifestyle shopping centres that include various entertainment destinations such as cinemas, luxurious restaurants and cafes, in addition to retail stores.”
