Asteco to manage retail space in UAE University Al Ain

UAE University Al Ain appoints Asteco to manage 130,000 sqm of retail space as well as exclusive leasing/management agent for on-campus units

Regional real estate consultancy and property management firm Asteco is expanding its growing Al Ain portfolio through United Arab Emirates (UAE) University with the news that the company has been appointed as property manager for 76 retail units, and exclusive letting agents for 35 of those units.

With a total of 130,000 square metres of premium retail space, only 17 units are currently available for rent, with the university already home to a number of popular brands including Subway, Umart, Gloria Jeans and China Wall. 

“These value-for-money, quality fitted units are in a prime location, with a captive audience. It’s an ideal place to open a coffee shop, restaurant or convenience store, especially with over 15,000 students and faculty members, 50% of who live on campus,” said Tamer Ibrahim Chaaban, Associate Director and General Manager – Al Ain.

Rental rates start from AED1,500 per square metre inclusive of service charges and utilities, which compares favourably to the Al Ain retail market average of AED2,225 per square metre for units in the city’s malls.

“Over the last three years Al Ain’s retail sector has remained stable, and with growth in the residential market in 2014 both in terms of new supply and an increase in rental rates according to the latest Asteco statics, we expect the retail sector to maintain its position in 2015,” remarked Chaaban.

Asteco has been instrumental in the leasing of many high-profile developments in Al Ain including the Green Land Complex and the Emirates Complex.