Global law firms DLA Piper and Clyde & Co played key roles in the landmark agreement between Gulf Related and Al Tayer Group which will see the opening of two iconic US department stores, Macy's and Bloomingdale's, at Al Maryah Central.
Al Maryah Central is a new 2.3 million square foot shopping centre being developed by Gulf Related on Al Maryah Island, Abu Dhabi. DLA Piper represented regional property development company Gulf Related on the agreement and Clyde & Co represented Al Tayer Group, a leading, diversified company with operations in the Middle East.
The signing of the 205,000 square foot Macy’s to open at Al Maryah Central marks the first time that Macy’s will open a store outside of the US. The opening of the 230,000 square foot Bloomingdale’s marks the first store to open in Abu Dhabi and the second store in the UAE.
The combination of these flagship stores sees Al Maryah Central housing the two largest department stores in the region and secures its reputation as a catalyst for change and evolution of the retail landscape not only in Abu Dhabi, but across the region.
Each of the flagship stores will be divided across four levels offering residents and visitors to Al Maryah Central access to the apparel, accessories, home and beauty brands that Macy’s and Bloomingdale’s are famous for worldwide.
The DLA Piper team advising on the transaction was led by partner Duncan Pickering (Real Estate, Abu Dhabi), who worked alongside partner Tom O'Grady (Real Estate, Dubai), legal consultant Helen Beaumont (Real Estate, Abu Dhabi), partner Debbie Barbour (Finance & Projects, Abu Dhabi) and senior legal consultant Richard Hughes (Corporate, Dubai). Partner Daniel Jude (Litigation & Regulatory, Dubai) advised on arbitration aspects, while legal director George Mortimer (Litigation & Regulatory, Birmingham) advised on insurance matters.
Duncan Pickering, partner, DLA Piper, commented: "We are very pleased to have worked with Gulf Related in concluding this transaction, an important stage in the delivery of this amazing project. Al Maryah Central will be a world-class addition to Abu Dhabi's retail offering and we were delighted to be involved in yet another leading retail project in the region."
Daniel Parry, General Counsel and Commercial Director, of Gulf Related said: “DLA Piper was involved in the transaction in a number of practice areas and having worked with the firm on previous projects, including the acquisition and leasing work with The Galleria on Al Maryah Island, we were confident in bringing this deal to an effective close."
Gulf Related is a partnership between Gulf Capital, one of the Middle East's leading alternative asset management firms, and Related Companies, one of the largest private real estate development and investment firms in the United States.
Al Tayer Group operates leading, quality-focused businesses in luxury and lifestyle retail, perfumes and cosmetics distribution, automobile sales and service, engineering as well as interiors contracting. In addition to Macy's and Bloomingdale's, the Group’s retail portfolio includes several of the world’s leading brands such as Armani, Bvlgari, Banana Republic, Gucci, Gap, and Harvey Nichols.
Timothy Frost, Chief Legal Officer, Al Tayer Group said: "We are delighted to have brought this deal to a successful conclusion. Bringing Macy’s and Bloomingdale's to Abu Dhabi is a significant milestone for Al Tayer Group and we are immensely thankful to all parties involved in bringing this to fruition.”
The Clyde & Co team advising Al Tayer Group on the transaction was led by partner and regional head of Real Estate, Alexis Waller, who worked with Legal Director Heather Nevin (Construction & Projects), senior associate Andrew Thomson (Real Estate), partner Adrian Low (Finance), partner Chris Mills (Dispute Resolution) partner Niall O'Toole (Corporate) and associates Paul Judge (Construction & Projects) and Sherif Maher (Dispute Resolution).
Alexis Waller commented: "We are extremely pleased to have assisted Al Tayer Group in bringing this transaction to a successful conclusion and to be a part of this ground-breaking project."