Partnership with Bahaa Hariri replaces ‘Verdun 5’
The $200 million ‘ABC Verdun’ project was launched as a joint development between ABC and Verdun 1544 Holding, a real estate company owned by Bahaa Rafic Hariri Group.
Diala Kassem, Marketing Manager at ABC, said ABC Group holds a 40 percent stake in the project. ABC will have the exclusive right to operate ‘ABC Verdun’ for a period of 30 years. Construction works will start within six months and the project will be operational in four years.
The development will occupy around 18,000 sqm, stretching from the vicinity of the Dunes center to Tallet el Khayat. The property will include 175,000 sqm of built-up area, of which 50,000 sqm of gross leasable area. It will host shops, restaurants, and family entertainment destinations, along with 10,000 sqm for an ABC Department Store. Once operational, the mall will generate some 2,000 job opportunities.
The project was initially geared for a different development named ‘Verdun 5’. It was owned by IRAD Investment Holding, a Beirut-based firm owned by the heirs of late Prime Minister Rafic Hariri and chaired by Mohamad Hariri. The Verdun 5 project was announced back in 2005. Due to delays, the owners reconsidered the project, scrapping initial plans for a 150,000 sqm high-end commercial, entertainment, and residential complex.
Kassem said ABC Verdun will not affect the catchment area of ABC Ashrafieh: “Our customer relationship management data reveals that only 20 percent of ABC Ashrafieh's visitors are from Ras Beirut.” She said ABC Verdun will offer a closer location for clients of this area.
Date Posted: Feb 19, 2013