The famous plot, known to many as ‘Pepsi Factory’ was unutilised after the company shifted its operations to DIP II.
Dubai Refreshment is selling its Al Quoz 1 plot to Al Futtaim Private Company for a total of $68.6M in an all-cash transaction.
The sale was executed on Monday 26 June and was reported by Dubai Refreshment in a filing at the Dubai Financial Market (DFM). It was approved by the shareholders in the general assembly held on 14 June.
The famous Al Quoz 1 plot was used by Dubai Refreshment as its factory, warehouse and offices for all Pepsi-related brands, including Lays and Aquafina. The company has moved its operations to a new location in Dubai Investment Park II, which rendered the Al Quoz plot unutilised.
Dubai Refreshment plans to report the sale as a one-time gain at the completion of the whole transaction and it will show in the company books in the second quarter of 2023.
