MAIR Group, a strategic investment company focused on grocery retail and commercial real estate in the UAE, has signed a sale and purchase agreement for a land plot located in Abu Dhabi's Al Reem Island, with a transaction value of AED85 million ($26 million).

The deal comes as part of MAIR’s asset optimisation programme, through which the group continues to unlock added value from non-core assets and redeploy proceeds toward higher-yielding growth opportunities.

This is its second big property deal. Recently, the MAIR Group had signed a deal with Al Jazira Club to transform surroundings of Mohamed bin Zayed (MBZ) Stadium into a landmark commercial destination.

As per the MoU, the Group's real estate arm, Makani Real Estate, has been allocated 80,000 sq m of land adjacent to the MBZ Stadium and Al Jazira Club. This land will be developed over the long term to create an integrated commercial centre featuring entertainment destinations, personal and healthcare services, with a particular focus on promoting a healthy lifestyle. 

The project aims to transform the surroundings of Al Jazira Club and MBZ Stadium into a dynamic and inclusive destination serving all segments of society, it added.-TradeArabia News Service