Injaz joins Pakistan's shopping mall project
Abu Dhabi: Injaz Mena Investment Company has joined with UK-based Global Haly Investment Limited to develop a landmark $250-plus million shopping mall and office complex in Defence, a prime area of Karachi, Pakistan's largest city.
The complex will be situated next to the Creek Golf Club along the Arabian Sea coastline, said a senior official.
The project was awarded by the Defence Housing Authority, Karachi, to Global Haly Investment, which was the highest bidder among seven international consortia that participated in the bidding.
The joint venture project was officially announced this week under the key sponsorship of Dr Shaikh Sultan bin Khalifa bin Zayed Al Nahyan.
Injaz Mena CEO Mr Ahmed Al Dhahry said that "with a projected IRR well in excess of 35 per cent, the project was in high demand with investors".
He added that commitments from investors exceeding the offered subscription amount for this unique opportunity were received within a week as a result.
The planned complex will provide high quality shopping as well as premium office space on 5.3 acres of land. It will have a total built-up area of about 1.7 million sq ft of which some 600,000 sq ft will be saleable space, said an official spokesman.
The complex will have three basement levels for parking, ground floor, mezzanine and five upper floors, offering approximately 350,000 sq ft of dedicated retail space and the balance of the area will be for offices.
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D.H.A Real Estate.com
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