In January 2021, we announced the expansion of our presence in the retail sector by acquiring 80% of Hidd Mall alongside a strategic investor.

The 46,000 sqm mall, located in the fast-growing area of Hidd in Muharraq, is fully leased to Lulu Hypermarkets, the largest retail chain in the Middle East and one of the largest chains in Asia, under a long term lease. The mall currently boasts 100% occupancy, with Lulu Hypermarkets sub-leasing approximately 30% of the space to a diverse range of multinational, regional and local tenants.

The mall enjoys a high footfall from Hidd and neighbouring residents. In addition to the Lulu Hypermarket, Hidd Mall enjoys a high footfall due to its offering of a range of banking, retail and F&B outlets, as well as government and service providers. Additionally, Hidd Mall serves as a key location for Lulu Hypermarket’s online distribution channel for its store items.

With malls anchored by grocery stores proving highly resilient and significant growth anticipated as the pandemic winds down, this acquisition offers our investors a defensive investment opportunity with strong in-place cash yield.