Dubai Refreshments sells Al Quoz plot to Al Futtaim for $68.6 million.Known to many as ‘Pepsi Factory’ was unutilised after the company shifted its operations to DIP II.
06 July 2023, 12:00 AM
31 July 2023, 12:00 AM
Dubai Refreshment is selling its Al Quoz 1 plot to Al Futtaim Private Company for a total of AED252 million ($68.6 million) in an all-cash transaction.
The sale was executed on Monday, June 26, and reported by Dubai Refreshment in a filing at the Dubai Financial Market (DFM). It was approved by the shareholders in the general assembly held on June 14.
Dubai Refreshment used the renowned Al Quoz 1 land as its manufacturing, warehouse, and headquarters for all Pepsi-related products, including Lays and Aquafina. The Al Quoz property was left vacant as a result of the company moving its activities to a new location in Dubai Investment Park II.
Al Futtaim Private Company will purchase Dubai Refreshment’s Al Quoz 1 land for a total of AED252 million ($68.6 million) in cash.
The transaction took place on Monday, June 26, and Dubai Refreshment filed a report at the Dubai Financial Market (DFM) detailing it. At the general meeting on June 14, the shareholders gave their approval.
The company holders confirmed that the company is no longer fully operational. Hence to avoid loss, the company holders decided to sell out the property to Al Futtaim Group, which is considered to be one of the most successful companies in Dubai.
The sale is anticipated to be included in the company’s financial statements as a one-time gain. In the second quarter of 2023, it will be recorded in the company’s books.