The 25-year lease agreement covers an area of 3,661sqm
Abu Dhabi’s Modon Properties (Modon) has signed a long-term lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City.
The agreement is the result of Modon’s ongoing cooperation with leading retailers as a part of its efforts to meet the needs of residents of Riyadh City and ensure the steady progress and on-schedule delivery of the Courtyard Mall.
The 25-year lease covers the rental of an area of 3,661sqm within Riyadh City’s Courtyard Mall commercial complex for the operation of the LuLu Hypermarket chain of stores. The commercial complex extends over an area of 8,683sqm within the North of Riyadh City.
“Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity,” commented Saifee Rupawala, CEO, LuLu Group.
Riyadh City covering an area of 82mn sqm is 30km from the island of Abu Dhabi.
