DUBAI – Emaar Malls, the shopping malls and retail business division of real estate developer Emaar Properties, reported first-quarter net profits of $118 million, up 32 percent over the same three-month period in 2014.
Revenues from its mall and retail assets were $200 million, 21 percent higher than in first-quarter 2014, when they amounted to $165 million.
Tenant sales across Emaar Malls were more than $1.4 billion, with $1.2 billion coming from the Dubai Mall, the group’s flagship property and the world’s largest retail and entertainment destination. The Dubai Mall had 31 million visitors during the first three months of 2015, 7 percent more than during the same prior-year period.
Tenant sales across Emaar Malls were reported as $1,365 per square foot of gross leasable area (GLA). Emaar Malls witnessed significant growth of 26 percent on base rent renewal rates for leases renewed in first-quarter 2015 across all its malls…
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